Local 4 News This Morning talked to Pete Voss with The Geri Doyle Group at Mel Foster Co. about how to buy and sell your home today with mortgage rates hitting a 12 year high.

There are many programs available for all different types of home buyers. For first time home buyers and repeat buyers, there are programs with the Iowa Finance Authority and the Illinois Housing Development Authority. For just first-time home buyers, there is the Davenport Commercial DREAM Project and the Live Work RI Program.

How do home buyers find the best mortgage for them?

Mortgage products can be very complex. Buyers shouldn’t be expected to know what product is best for their situation. I recommend buyers ask their friends and family about good and bad experiences they have had with the mortgage process and reach out to those that come highly recommended. And SHOP Around. Don’t feel like you have to go with the first lender you speak to, even if they can get you pre-qualified.

What should people know before they buy a home today?

The market is quite competitive right now, with homes that are in high demand, many selling prices are either AT or ABOVE the sellers’ original asking price and sellers are not having to negotiate terms like they have in the past. Buyers need to plan accordingly with regards to listing prices and their budget.

Are there any special programs for people looking to buy in the Quad City Area?

There are many programs available for all different types of home buyers, not only first time buyers. Knowing what is available to you as a buyer is one of the BIGGEST reasons to work with mortgage lender that is experienced and why it’s important to ask about these programs.

What do you need to know now if you want to sell your home?

Be prepared. Get as much of the leg work done before you ever put your home for sale to the public and contact your REALTOR early in the process.

•  Get your projects completed.

•  Get your inspections done (if you plan to do any before listing).

•  Get repairs done.

•  Get your photos taken. Professional photos may help bring more buyers, more buyers mean possible higher selling price.

•  Work with your agent to set a competitive price and know the costs of your sale.

As soon as the house is listed, things may move very quickly, so you don’t want to be scrambling.