It's only natural to be anxious if you are a first-time homebuyer. There's so much to understand and know, so things can feel confusing. Things don't have to be that way, though. Read on and find out how your home-buying experience can be more fun than an ordeal.
Know Your Local Housing Situation
You should begin your home search by checking out your local housing market. Take a look at a few key points of interest:
- How much are homes selling for in your target area? Search online to get more information.
- How long were those homes on the market? That can tell you a lot about the competitiveness of your local market.
Know How Much You Can Afford
The best way to know, for sure, how much you might be approved for if you apply for a mortgage is to fill out a pre-approval application with a lender. Any lender will do this for you; you don't necessarily have to use them when you are ready to apply for the loan. You will be provided with a letter that states the price range within which you will probably be approved.
Get to Know a Good Real Estate Agent
Speaking to an agent before you begin looking at homes fills in the rest of the blanks with your research. They can let you know about great areas you might not have considered, about zoning issues in certain areas, about up-and-coming areas, and more. The best part is that you don't have to pay that agent any money since it's the seller who takes care of that.
Know About Rejection
It's not very much fun to have your offer rejected or to be outbid for a home you had your heart set on. Unfortunately, some buyers come to the negotiation with cash in hand, ready to close in a short time. Avoid getting too attached to a home—even if it seems perfect for you.
Know How To Be Flexible
You probably have a wish list a mile long but not being flexible could make finding a home an ordeal. The more flexible you can be with things like location, square footage, special features, etc, the more likely you are to find a home. Starter homes for first-time buyers are often far from perfect, so it's important to have realistic expectations.
Speak to a real estate agent, like Real Estate One Westrick, Wynne Achatz, to find out more about making your home search more fun than an ordeal.