3 First Time Buyer Tips
/These are 3 big tips I would give anyone thinking about purchasing a home in the near future whether you are a first time home buyer or not. So if you are in this position these tips are for you.
#1 Priorities - Be sure to take a step back and consider what your priorities are before you start searching and viewing homes. Seriously consider what you would like in a home from location, school district, proximity to work, budget, lots size, number of bedrooms and what ever else may be of priority to your situation. I mention this because when buyers hit the market they can be distracted by some homes that catch their eye but maybe do not cover their priorities, which I would hate for a buyer to have buyers remorse. Think of it just like going to the grocery store with a list, if you don't you will end up with much more than you needed. So write those priorities down to help you stay on track... and yes these can be adjusted.
#2 Get Pre Approved - Yes even if you are just thinking of buying a home but not ready for several more months it is a GREAT idea to get pre approved! Why? Well first it does not hurt your credit which is a common misconception. Second and most importantly you will know where you stand on a mortgage, from your approval amount, fees and monthly payments. All very important details wouldn't you say?
Let's say you don't get approved, the reality is this is great to find out now instead of when you are ready because you know where you stand. The loan officer will evaluate your situation and give you a plan to follow to get you where you need to be to qualify. This is SUPER important because it is coming directly from the mortgage company's perspective. Too often people will self diagnose which leads to working on the wrong items and not making progress. Lender's know what ratios you need to be at and if you need to payoff debt they will guide you to make sure you payoff or pay down the appropriate accounts. I see this too often and can easily be avoided by meeting with a lender ahead of schedule.
#3 Hire A Realtor® - A Realtor® like myself does this everyday and we are on top of trends, market conditions and inventory, use this knowledge to your advantage. When I meet with a buyer who is a few months out we discuss what the market looks like for their specific area of interest. How fast are the homes moving, how much home do you get for your money, what should you expect, are all topics I cover.
My goal is to give you as much market information so that you can be as informed and prepared as possible when you finally hit the market. My reason for this is simple, for you to arrive prepared and know what to expect. Too often buyers will not be prepared and have unrealistic expectations of the market which then causes them to lose time and homes while they figure out the market. I say get ahead of the game by being prepared and I can do that for you.
As your Realtor® I will also give you access to the MLS system so you can start receiving listings in your specific criteria, this helps you see how your segment of the market is doing. You will receive up to the minute listings both as they hit the market but also as they are sold, so you know how fast the market is moving. The best part about this is you have privacy, which many home search apps or online home search sites do not offer.
These are the big three tips I offer to potential buyers who may be considering purchasing a home in the near future. I am a proponent of serving my clients and giving them the most information & education I can so they can make an informed decision.
If you have any questions or would like more information please do not hesitate to contact me & be sure to check out my YouTube channel & Facebook Business page for more tips.
Luis Cuevas Realtor® (214) 783-0535 RE/MAX Cross Country
