Rising home prices, multiple offers and short days-on-market are the norm in many locales, causing special frustration for first-time home buyers! While market conditions can be challenging, home buyers can succeed by following some good advice. Here are tips to help you!
Immerse yourself in information. If you are a first-time home buyer, it pays to study up on the home buying process and learn about credit scores, mortgages and home buying topics. Your community might also offer home buying classes or down payment assistance programs; check with your city government. Visit HUD.gov for homeownership assistance programs by state.
Prepare for a mortgage. Organize your financial records. Examine your credit history and clear up any errors. Create a budget to save money for a down payment and build reserve funds. Obtain a mortgage pre-approval, so you know the home price range you qualify for!
Establish priorities. How large of a home do you really need? Consider the school districts, access to public transportation, and proximity of parks, shopping, restaurants and medical services. Consider your lifestyle and the type of home that best suits it.
Find an Exclusive Buyer Agent in your area. An Exclusive Buyer Agent (EBA) represents the home buyer, and only the home buyer. They never represent sellers and never take listings. Because of that, Exclusive Buyer Agents have a fiduciary relationship with their buyer-clients! Your EBA will provide you with expert market guidance, and will serve your best interests throughout the entire home buying process.
Be willing to compromise. Consider homes that need some work. If you’re having trouble finding a home in your preferred neighborhood, consider nearby communities. Look for homes and locations that meet your top priorities, and be ready to compromise where you can.
Be decisive. If you’ve done your homework, obtained a mortgage pre-approval, and you’re working with an EBA, you’ll have confidence in your decisions! Your EBA will help you write a compelling offer, with appropriate contingencies, that stays within your budget.
Have patience. Closing timelines vary widely by area. Last-minute hitches can happen; some of the process is beyond your control. Take care of the tasks you need to manage, such as ordering your home inspection and purchasing your homeowner’s insurance policy. Stay in close contact with your lender and your EBA!
Having an Exclusive Buyer Agent on your side is your best advantage in a seller’s market – or any other market! Find an EBA in your area today!