Top 3 Tips For New Home Buyers

  1. Get pre-approved. Pre-approvals inform the seller that you can afford to purchase their home and that you’ve met with a lender who has agreed to finance your purchase. You will also know how much you are qualified to borrow. No sense in looking at $500,000 homes when you only qualify for a $400,000 home.
  2. Find the right Agent. Buying a property is one of the biggest undertakings you will face in your life so it pays to have a professional who will be with you every step of the way. It makes sense to work with someone who has more education and experience than you. At the end of it all, hiring a real estate agent will save you time and money.
  3. Educate yourself on the cost. There is more to buying a home than just the purchase price. Closing costs, inspections, appraisal, moving fees, homeowners association, homeowners insurance, and other fees are often a surprise to unprepared buyers.

5 common First Time Home Buyer Mistakes

1. Ask your lender as many questions as you can think of. Many times we miss out on great deals just because we didn’t take initiative to ask questions.

Real important you get a Good Faith Estimate (GFE) so you fully understand all the costs involved with getting your loan

2. A well priced home will not sit on the market. Act quickly if you truly love a home.

In today’s tight inventory environment it is not uncommon to run up against 5 or more offers on a single property

3.Choosing a agent is huge in making a offer. Time is of the essence so choosing a agent who is very responsive is essential.

Man this is so critical. Typically buyers work with the first agent they meet. ALWAYS get a second opinion. Not all agents are equal.

4. Proposing a offer is often times a artful process to make it most appealing to the seller.

Again it is going to come back to who you choose as an agent. A Realtor experienced with working for first time home buyers will know how to write the offer with the best chance of getting accepted

5. Considering resale value in the span of 10 years will make your decision easier.

You make money in Real Estate when you buy not when you sell. Take that into consideration before buying that first home.

For more information or to set up an appointment call Stuart at (703)765-0300.