Do not approach your First time home buying experience with wanting it in an “instant gratification” demeanor. It will just happen to be one of the largest investments of your life. That is another reason we won’t meet anyone, directly at a listing they called us about, when we have not had the pleasure of presenting our Real Estate Crash Course to them in person.
Today’s First time home buyer is quickly swooned with the “special first time buyer programs”, that are for the most part, made up. It is like the old “bait and switch” game. Now you see it, now you don’t.
With regard to First time buyer incentive programs you really need to read the fine print and if you are promised some sort of “deal” ask for it in writing. Heck, tell them “Connor with HONOR” told you to ask!
Many people believe that first time home buying today is ideal. Today home prices are lower than they have been in years and affordability levels are extremely reasonable with mortgage rates that are hovering at 60 year lows, just barely above 4%. First time home buyers are in a great position indeed.
Of course first time home buyers need to have great credit, money for a down payment, and a steady income, but if all of these needs are met it’s a great time to start shopping for a home.
What should a first home buyer consider when looking for a home?
- The neighborhood. Get to know the neighborhood you would like to live in and research what homes are selling for.
- Don’t fall in love with the first home you see. It is important to remember that not every home will work out, some fall apart in the inspection process, others because a price cannot be agreed to. Whatever the reason it is better to wait to fall in love with a home until closing.
- Beware of bargains that appear too good to be true. A home that appears too good to be true just might be! Short sales and foreclosures are often sold as-is, which can equal a money pit come closing.
First time home buyers are in a great position. A REALTOR can be an excellent resource, helping first time home buyers understand the buying process and what is going on in the local real estate market.
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