Being a first-time buyer can bring about challenges due to low inventory in that price range which can also drive up prices. However, there are some tasks to help increase your chances of getting that home. To get off to a good start on your quest it is recommended that you get a good realtor that you trust and listens to your desires and budget.
Below is an article from realtytimes.com that provides guidance on some activities you can do to increase your chances of finding and buying your first home. After reading the article, give us a call at Carney Realty so we can assist you with some of these steps and help you purchase a home that best meets your needs.
Source: realtytimes.com | Re-Post Carney 2/1/2018 –
Between rising prices, tough loan limits, and massive competition among other eager would-be buyers, it can seem like an impossible feat to purchase your first home. Homes in first-time buyer ranges are highly coveted and stories abound of buyers having made offers on numerous homes, only to be shut out time and again by multiple offers that drive prices up and out of their budget. But, there are ways you can put yourself ahead, even if the situation seems desperate.
Work with a good REALTOR®
Everyone has a real estate agent in their neighborhood or in their family or friend group (or all three!). And, while you would undoubtedly love to give business to someone you know and care for, you have to balance your sense of loyalty against your goal. This may not be the time to entrust your financial future to a brand-new agent or one who simply dabbles in the industry in his or her spare time. You’ll likely need a seasoned agent to buy your first home, especially if you’re looking in an area where the market is highly competitive. An agent with extensive experience and good industry relationships can help find you homes that may not be listed yet and then negotiate a winning offer.
Get that preapproval
It goes without saying today that you need a preapproval to buy a house. Many real estate agents won’t even take clients out to tour homes unless they have received their preapproval amount from a lender. Even if you are just casually looking, make sure you talk to a lender before you head out on a house hunt. You don’t want to fall in love with something and lose out on owning it because someone else was already preapproved and you first had to start pulling your paperwork together. Nor do you want to fall in love with a house that’s out of your budget because you didn’t know what your purchasing power was.