Searching for the right property - The housing market is complicated because the pool of properties to choose from is constantly changing. If a complete list existed of every home on the market at this moment in a given community, such a list would become obsolete within seconds as new homes become available and properties now for sale are put under contract.

In effect, buyers are looking at a moving target in a marketplace that is never static. Because of this, it is important to know as much as possible about the choices in preferred markets, and the way to do that is by working closely with a local Realtor who has a good "lay of the land."

What to look for in a new property - Each one of us is different, so it's important to list the features and benefits you want in a property. Consider such things as pricing, location, size, amenities (extras such as a pool or extra-large kitchen) and design (one floor or two, colonial or modern, etc.).

It's also important to consider your priorities. If you can't get a home at your price with all the features you want, then what features are most important? For instance, would you trade fewer bedrooms for a larger kitchen, or a longer commute for a bigger lot and lower cost?

Lastly, consider your needs in several years. If you need a larger home, maybe now is the time to buy a bigger house rather than moving or expanding in the future. If you expect your income to increase, perhaps you should consider a more expensive home financed with a loan program where monthly payments increase in the future.

Where to look for a new property - All neighborhoods and communities have special characteristics that give them identity and value. One community may be known for historic homes while another offers both suburban living as well as easy access to downtown office areas. Maintaining a file with information on each of the homes you like is a good idea.

You can print out listing pages from the Heritage Properties MLS search and then make notes for each property that are important to you: what you like, questions, Realtor contact data, etc. Regardless of your choices, it's important to target your search. By using guidelines such as general location and affordability, you can refine your search and focus on properties that offer the most desirable features.

Affordability - Remember the Pre-approval process? Pre-approval means you have a very good idea of how much you can borrow, what loan programs will most likely work best in your situation, and how much home you can afford. While pre-approval is not a loan commitment, it's still necessary for lenders to check such items as appraisals and the latest credit reports.

Despite fluctuating interest rates, pre-approval provides a reasoned, careful analysis of what you can afford. Loan officers are only paid when loans are originated, so it doesn't make much sense for them to suggest high loan limits that later can't be delivered.