Are You a First Time Homebuyer?

Buying a home can be exciting, and the process can be smooth and easy with the right resources. But be sure you don’t make some of the irreversible mistakes that first time homebuyers often do. Get educated and plan out your purchase before making the commitment. These tips can point you in the right direction and help your first time purchase be smooth and successful.

Know Your Budget

One of the most important factors that can determine your budget is your credit score. The better your credit, the higher your loans and pre-approvals will be. Check your credit score before planning to purchase a home, and speak with a lender to determine your budget and lending options.

If your credit score is not the best, don’t worry, because there are alternative mortgage options that are still possible for you. Certain lenders can help you lower the amount you need to put down on your new home. Regardless of your credit score, the right lender can help you get pre-approved. Most agents and sellers won’t work with you unless you are pre-approved, so, naturally, this is the first step.
firsttime home buyers

Know Your Market

Determining your budget is almost useless if you don’t know how much you expect to be spending on your new home. Scope out the neighborhoods you’re interested in to get an idea of what the current real estate market is like. Prices on homes can vary drastically depending on several factors:

  • The overall value of the neighborhood.
  • The area of the neighborhood – Is it in a suburb? Is it in the middle of a downtown metropolis?
  • Size and age of the home.
  • Is there a Home Owner’s Association?
  • Upgrades – Does the house come with solar power? Is there an infinity pool? Does the kitchen come with built-in and upgraded appliances? Custom installments can increase a home’s value.

Find a Good Realtor

The right real estate agent can make all the difference. Do your research and find a good buyer’s agent who is passionate about helping buyers find the right homes. An experienced agent will understand the market and can get you the best offers. Many realtors can guide you through negotiations, inspections, and payment options. They can help you get the best bang for your buck, as well as keep you from falling into any traps or bad deals. They can help you think about extra payments you might now know about, such as home inspections, HOA fees, and water damage.

Buyer’s agents have access to a market of homes that are not yet listed. They can find decent homes in your price range before others know about it. They can show as many homes as you’d like to see, and will help you write an offer once you’ve found your dream home.

Keep an Eye on Dropping Rates

Some homes stay on the market for a long time. Sellers can be unsuccessful at selling their home at the original price they want. With the help of your buyer’s agent, keep an eye on homes that have been listed for over a month. The longer a home is listed, the more likely it will drop in price. Sellers are more willing to accept lower offers just to get their houses sold.

Ask your agent to get in touch with the seller’s agent, and the two of them can negotiate. You’ll be able to find out what your seller needs. If you present yourself as flexible with pricing and timing, the seller may be more willing to visit your offer. Sometimes a seller may need to extend their closing window in order to move out successfully. Allowing them that time may push your offer to the top of your pile, making it more favorable than others.

With the help of an experienced and enthusiastic buyer’s agent, you can learn how to navigate through the market on a professional level and find your dream home at the right time and the right price.

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