6 Tips for First-Time Homebuyers
Here are six great tips for every first-time homebuyer in our market.
Being a first-time homebuyer is thrilling, but it can also feel overwhelming, especially when you see homes flying off the market. Here are six tips for first-time buyers that will help you tackle the buying process:
1. Pay off as much debt as possible. This will help you get approved for a better loan.
2. Find a great real estate agent. Choose an agent who works with many first-time buyers. Buying a house can be intimidating, especially if it’s your first time. You want an agent who has patience and has been through the process many times. They’ll also have the resources and a team in place to make it a seamless experience.
3. Save for a down payment and closing costs. If a 20% down payment seems out of reach for you, there are first-time homebuyer programs that offer single-digit down payment options that may suit you better. Closing costs can be anywhere from 3% to 4% of the purchase price.
"There are first-time homebuyer programs that offer single-digit down payment options."
4. Get pre-approved for a loan. Don’t just get pre-qualified; take the extra time to get a pre-approval letter before you begin your home search. A pre-approval shows sellers you’re a serious buyer, which is an excellent way to get ahead in a competitive real estate market.
5. Make a competitive offer. Ask your agent to ensure your offer is competitive but still within your budget and the property’s value. A personalized letter may also help your offer stand out among multiple bids in a hot market.
6. Prepare for closing. Once the seller accepts your offer, the closing process will begin. The average closing process takes 43 days, which provides plenty of time to tackle closing items. Your agent will schedule the remaining steps from the home inspection to the final walk-through and keep you informed about any roadblocks.
If you have any questions, don’t hesitate to reach out via phone or email. We would love to help you.