With mortgage rates declining and home inventory rising, affordability is becoming a little easier for first-time homebuyers. These changes to the market are allowing buyers to come off the sidelines and start looking for homes.
Before you get into the thick of the real estate market, find your dream home, and sign on the dotted line, consider these 4 essential tips.
Get Your Finances In Order
First things first, you want to make sure your finances are in order. Not only do you want to make sure you have enough money saved for a down payment, but also closing costs, inspections, and possible repairs you might want to make later on. Before talking to any lenders, make sure to check out your credit and pay off any debts to ensure you’re in the best position possible.
Shop Lenders
Speaking of lenders, not all lenders are created equal. Different lenders can offer different deals, so taking the time to shop around could save you money later. Look closely at what they can offer and pay attention to rates and fees. Ideally, you want to work with a lender with great customer service and communication skills who can answer any questions.
Be Objective
As difficult as it might be, try to remain as objective as possible and keep emotions out of it. It’s okay to pick your favorite, but you don’t want to become so emotionally attached to a home that it clouds your judgment and doesn’t allow you to see other options. Once you’ve determined your price point and location, make sure to consider any home that falls into those categories and meets your needs.
Keep Resale In Mind
Of course, you probably don’t purchase a home with the idea of selling it later, but keeping resale value in mind is important when buying your first home. When looking at homes, keep things like location, floor plan, and nearby amenities in mind, as these are important factors when you sell your home.
Buying your first home doesn’t have to be difficult, especially with the right real estate agent in your corner. Ready to buy your first home? Reach out to us! We would love to provide our expertise!