On A Budget? How To Effectively Look At Single-Family Homes For Sale

18 November 2020
 Categories: Real Estate, Blog


When you have a smaller budget to buy a house with, you'll realize quickly that you're not the only one looking for single-family homes in your price range. No sooner will you find a house you love than the home will have an accepted offer on it. Or, you'll find that single-family homes for sale in your price range are taken off the market as soon as they are posted.

The average person shops for a home with a price range as their guide, so if you are like many people and have a set budget because of how much you earn or your credit score, you will have more competition in finding a great home. Here is a guide to help you effectively look at single-family homes for sale in your area so you can have a greater chance of being able to make a fair offer on a home without venturing too far outside your budget.

Get a pre-approval rate with a banker

You may have a budget in mind for buying a home, but this doesn't mean that you cannot qualify for more or that your monthly payment will be as enormous as you think it might be. When you get a pre-approval rate and amount from a banker, you gain a better understanding of how much home you can actually afford and what your potential mortgage can be. Even a small bump in your budget can give you more single-family homes for sale.

Get a real estate agent

One of the main reasons you should get a real estate agent is this: a real estate agent has their eyes out for homes entering the market or potentially entering the market every day. If you have a set budget for single-family homes for sale and there is little wiggle room financially, have a real estate agent keep their eyes out for homes that are rehabbed, need minor work, or that are within your price range but haven't hit the market just yet.

This way, you can be among the first to see a home entering the market, which means you can put in an offer before other buyers do. Keep in mind that if you want a cheaper home within your budget, your offer should be appealing enough to be accepted right away so other buyers can't sneak in and take the home out from under you.

Your real estate agent can also assist you in finding single-family homes that are contingent for sale. You can be put on a waiting list with an offer on a property so in the event a potential buyer falls through on a contingent home, you can be next in line for the sale.