Three Tips For First Time Buyers

The purchase of your first home is a large decision and certainly comes with a lot of excitement. At times it can be overwhelming but rest assured it can have the power to change your life for the better! If you are thinking about buying a home in the near future, here are three things that can help arm you with some helpful information as you pursue your dream home.

1- Consider all housing options

Today’s real estate market has more buyers than available homes across the landscape making for steep competition. When this is the case it is wise to consider all of your home style options to open up your lot of options. For example you may have your heart set on a single family home, but condos and townhomes can sometimes be more affordable especially as a first time buyer. Regular maintenance and upkeep are all taken care of for you in a consistent fee making budgeting easier.

2- Calculate your comfortable down payment and add some padding

While it may be true that a down payment can be a lot of money, it doesn’t mean that you have to put more than 20% down. Data from NAR (National Association of Realtors) shows that the median down payment hasn’t been over 20% in over 15 years. It has been more like 13% which could mean you may not have to save quite as much as you may have thought. Also, there are  some down payment assistance programs and some loan options out there that only require 3.5% down. There is the advantage of not paying PMI on top of your monthly payment with 20% down but check with your lender about what options are available to you.

3- Work with professionals

When you are ready to begin the process, reach out to a real estate professional such as myself. I can guide you through the steps of what is required starting with getting pre-approved with a trusted lender. Then we can discuss your needs and compare that to what the local market trends are showing so that we can find you the best home possible.