5 Tips for First Time Homebuyers

A home inspection is a great way to ensure the largest investment of your life

Buyers save for many years before they are able to purchase a home. If you’re like these first time homebuyers, it is important to be ready for the loan process and to do your research. You’ve put a lot of time and money into taking this next big step in your life. I’m here to help you by letting you in on these 5 common mistakes—so you don’t make them too!

According to a survey by Trulia, close to 50 percent of fist time homebuyers in the U.S. experience unforeseen disappointments about certain aspects of their new home. My job is to ensure that you don’t have any regrets about the purchase of your home. A little preparation can prevent that from happening to you. Here are 5 tips that I give to my first time homebuyers:

Ask me more questions!

A lot of firsttime home buyers are apprehensive about asking questions. Don’t be afraid to ask me too many questions! I will do my part to take the time to understand you and your financial situation before suggesting loan options. But don’t hesitate to ask me questions in addition to my suggestions. Ask me about all of the loan options available to you, so that you know you’re getting the best deal. Here are great examples of the questions you should ask me or any lender:

  • What is the interest rate?
  • What are the lender fees?
  • What is the minimum down payment to qualify?
  • What kind of loan is it, and what are the pros and cons of each type?
  • How long will the loan process take?

Take the time you need but not too long!

Many first time buyers don’t make the decision quickly enough to close the deal. I know that deciding on your dream home in Washington is not a choice that you can make easily, but keep in mind that other buyers will be interested in the home you choose. Properties remained on the market for about 27 days in July 2018.[1] But a little over half of homes were sold in less than a month![2]

FIRST TIME HOMEBUYERS GUIDE

Make sure you’re working with an experienced real estate professional.

Buying a home comes with complicated forms that first time homebuyers have never previously encountered. A good real estate agent can explain every step of the process and how to fill out each form correctly. Their experience is worth investing in. A real estate professional can also guide you when ready to make an offer on your new home.

Calculate your offer before you make it or risk losing your dream home.

Based on how long the house has been on the market, you must gauge what the seller is willing to accept. In this stage, it is especially important to research prior to making an offer. Compare the property you want with alike homes in the area. Then, make your best offer first.

Think about the resale before you buy.

It may seem far away, but the average first time buyer lives in their home for about 11 years.[3] Consider the location, age, and size of the home before you buy to determine if it’s up to par with what you want to sell it for in the years to come.

Consider these 5 tips to ensure a great start to your home buying process in Washington. If you have any additional questions, please contact me at theresaspringer@eaglehm.com or visit eaglehm.com/theresaspringer to pre-qualify today!

Sources

[1] https://www.nar.realtor
[2] https://www.nar.realtor
[3] http://nahbclassic.org

If you are looking for a home in Washington, give me a call at 360.798.4161 to find out how you can get pre-qualified for a mortgage!