Meridian is one of the best places to live in the United States – according to Money.com’s 2019 list, and numerous homebuyers are looking to purchase a property in this location. Aside from being one of the fastest-growing cities in the country, homeownership here is 72%, which is an indication that people prefer to settle down in Meridian.
So, yes, it is indeed an excellent decision to invest in a home in Meridian, ID. But, before you start making an offer to the first house that you fall in love with, there are a few things you will need to know before you take the plunge. And we have listed them here, so you come fully equipped with all the information you need to get the best deal out of your home purchase.
Know the Real Estate Market in Meridian, ID
First and foremost, you have to know how the real estate market is in this location. Knowing the numbers can help you with your negotiations. And the good news is, home appreciation in Meridian, Idaho is up 13.6% in the last 12 months. The median listing price of homes for sale is $358,925, and the median price per square foot is $169. In August 2019, 171 homes sold with a median price of $339,900 and an average price of $345,651. As of this time, the housing market in Meridian is a seller’s market, which means that there are more buyers than there are active homes for sale.
Get Your Financing Pre-Approved
Given that there are more homes for sale in Meridian, ID than there are homebuyers, getting a pre-approval for a home loan is more important than ever. Unless you’re buying your dream home with cash, the only way a seller would take your offer seriously is by showing them that pre-approval letter. So, one of the first things you will need to do is go to one to three lenders, see what you can afford, and get a loan pre-approval before you even start shopping for homes.
Research Online for Meridian, Idaho Home Listings
There are a free portal wherein real estate brokers consolidate and share information – MLS.com. Here, you can easily view all the available homes for sale, given your specific preferences and criteria. On this platform, you can conveniently access all of the specifications about a home for sale, including the address, age, square footage, number of bedrooms, number of bathrooms, upgrades, and school districts in the area. This site also contains several other helpful information, such as the seller’s preferred type of financing. You will also be able to see at least one photo of the property, up to a dozen pictures, plus a link to a virtual tour, if available.
Hire a Buyer’s Agent to Help You
One of the questions most homebuyers ask is whether they need a buyer’s agent to help them with their real estate purchase or not. The straightforward answer is YES. A buyer’s agent can help you save time and money, and find the perfect home and negotiate with the seller for the best price. While you can readily access information online on MLS.com, a buyer’s agent can search MLS and access information that is not visible to the public. They can also serve as a liaison between you and the seller and help you negotiate the price and sale conditions. Also, an agent can connect you with mortgage lenders, home inspectors, and other professionals whom you may need to work. So, commit to one agent and sign a Buyer Representation Agreement to ensure that your agent will dedicate their time and attention to you. Don’t worry, and you will not have to pay your agent for these services since home sellers usually pay for their commission.
Have Your Earnest Money Handy
Sellers are usually skeptical of offers without earnest money, so be sure to bring your checkbook whenever you go to open houses. If you don’t use checks, you can get a cashier’s check, wire your earnest money, or overnight it instead. Offering substantial earnest money is one way to help you get your offer accepted, especially when there are multiple offers for the property. And since your earnest money will be applied to your cash to close funds, getting the seller’s confidence with more earnest money will also mean less amount to pay at closing.
Have the House Inspected
Buying a home is probably the most substantial single investment you will ever make.
It is in your best interest to have it inspected so you can learn about the condition of the property and know whether there is a need for any major repairs before you buy. The standard home inspector’s report will include an assessment of the condition of the home’s heating system, central air conditioning system, and interior plumbing and electrical systems, as well as the state of the various parts of the property, such as the roof, attic, walls, ceilings, floors, windows, and doors.
Meridian, Idaho is such a beautiful place to settle down and, if you are looking to buy the perfect home for you and your family, I can help! Not only will I show you all the best properties in this location, but I will also assist you in every step of your home purchase. Just give me a call at 208-917-8022 if you would like to schedule an appointment. You can also send me an email at Justin@Naglegroup.com if you have any questions.
I look forward to meeting you soon!