Being A Homebuyer Can Be Challenging

Being a homebuyer can be challenging, but there are some things you can do to be sure you will succeed. First time homebuyers often come to the table unprepared and with misconceptions. Don’t let that happen. Here are some things to consider:

  1. Time is of the essence! When the market is active it is particularly important to move fast with a decisive offer right in the beginning. If you don’t you will definitely not have a good chance on winning the bid.
  2. Don’t expect a property to be perfect. There is no such thing as a perfect property. Try to look at the pros and cons and weigh the good with the bad. You can always turn a property into your version of perfect once it is yours.
  3. You maybe can’t have it all, so be prepared to compromise. It is unlikely you will find a property that has everything you want in a home. Think about the things you absolutely must have and the the items it would be “nice to have”. Make lists.
  4. Stay in your budget. Do not pay attention to what others are saying or doing. You know how much you can spend. Don’t forget that in addition to paying your mortgage you will need to factor into monthly expenses your taxes, utilities and maintenance.
  5. Understand what you need from a new home, verses what you want or would like to have. Communicating with your agent about your needs will help the process of finding a new home move along more quickly.
  6. Educate yourself about the Financial Process. Your agent and lender can help you with that. Buying a home may be the biggest financial event in your life. Don’t let yourself be intimidated. Start the process early by gathering information and documentation about your finances. Be sure to get a trustworthy loan officer.
  7. Make sure you get pre-approved for a loan before you start shopping. That way you will know exactly how much you can spend. You will never have to  experience being turned down for a mortgage. It would be very frustrating to fall in love with a house you can’t have.
  8. Forget about low ball offers. You run the risk of insulting the seller. Let your agent determine a fair market value by running the comparables and advising you on a strategy that will win you your new home.
  9. Be ready. Educate yourself about neighborhoods, commute times and anything about location which may impact your life. When the time comes you will have done your homework and will be ready to perform.
  10. Determining a home’s current market value is not something that Redfin or Zillow can provide with any accuracy. It is worlds better to have an agent who is familiar with your market. Have them visit the property to understand the full scope of the situation. They will be able to run a more true-to-life market analysis that will be more telling than any algorithm.

 

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