7 Tips For First Time Home Buyers
For many people buying a home for the first time can be very stressful about not knowing if you have done everything you need to. Mandy Kruse and Associates is known for making their clients feel comfortable and stress-free when purchasing their new home.
Here are 7 tips we give to our clients when looking to buy:
1. Get Pre-Qualified
Sellers typically won’t accept your offer unless it’s all cash or you have a lender’s letter saying you can get the financing you need to close the deal. We love using Maria Jondahl with Marketplace Home Mortgage. She has over 20 years experience and gets the job done fast and efficiently.
2. Target your territory
Every town has pros and cons, but casting too wide a net can make you crazy. Decide where you want to live and focus on that area.
3. Prioritize your preferences
Make a list of what’s important to you and your family, whether it is location, condition, price or certain amenities, and be prepared to make sacrifices.
4. Know your budget
Rather than guessing how much you can borrow or how much you’re closing costs will be, discuss specific numbers with a reputable lender, like Maria Jondahl, Marketplace Home Mortgage.
5. Be realistic
Shopping for a house that’s more costly than your budget is likely to mean disappointment since most sellers receive multiple offers equal to or higher than their asking price. If you’re preapproved for $300,000, don’t ask to see homes priced higher than that.
6. Act fast
Homes are selling quickly in many areas due to limited inventory. That means you should check out any newly for-sale properties that interest you as soon as possible. If a house is listed Monday, don’t wait until Saturday to see it, the home could be sold by then.
7. Don’t play price games
Some first-time homebuyers try to sweeten their offer with a higher price, then recoup the money in seller-paid closing costs, repair credits or other concessions. If the appraisal doesn’t support that higher price, you won’t be able to get your financing.
First-timers normally account for about 40 percent of home purchases, according to the National Association of Realtors (NAR). The bottom line is that purchasing a house today is challenging for first-timers, but don’t be discouraged.
Contact us today for more information on how to buy a property stress-free and securing the home you want.
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