Just over 1 of every three (34%) homebuyers in 2017 were first-time homebuyers according to the With the growing population of millennials reaching an age where many are buying homes, I expect to see the percentage of first-time homebuyers increase over the next couple of years.
Many first-time homebuyers find the home buying process to be a little intimidating which is largely due to just lacking the experience of having done it before and the knowledge that is gained from the experience. However, with a time spent getting educated on the process, the fears can be calmed and the home buying experience can be a great one for a first-time buyer!
5-Things First-Time Homebuyers Should Do BEFORE Buying A Home…
(the summary is below but you can see the complete report by clicking the link above)
Step 1 Ask a real estate professional if current market conditions make now a good time to buy a home?
The real estate market suffered a blow when the housing bubble burst in 2008 but has now recovered and the talk for the past couple of years has been rising home prices and a shortage of homes for sale. So does this make now a bad time to buy?
Step 2 Ask yourself these 3 questions to determine if now is the right time for YOU to buy?
- Do you want the responsibility? Home-ownership does bring with it the responsibility to care for it and maintain it (there is no longer a landlord to call to take care of things for you); you are responsible for maintaining insurance coverage on the home, paying property taxes, subdivision association fees and, of course, your house payments on time.
- Are you financially ready? DON’T BUY if you have not saved enough money to make a reasonable down-payment, pay closing costs, moving costs, etc., and still have some money left in the bank for “reserves”. Also, make sure your income is adequate to support the house payment you are taking on and if there is any doubt then either don’t buy or buy a lower-priced house, you can always move-up later down the road.
Is your income stable? If you get to this point and feel you are OK and can afford to buy a home, step back and look at the source of your income and consider how solid you think it is.
Step 3 Educate yourself on the market, the process and your rights.
Even though you will be using professionals in your home purchase and, particularly if you follow the advice in this report, will select good ones, you still should educate yourself about the process to give you a better understanding as you go through it. Plus, by knowing your rights and how the deal should go, you will notice when something is not right or you are not be treated properly.
Don’t buy before checking out the resources below:
- MORE, REALTORS Exclusive SMART Guide to Buying your Home This is an informative guide created by us, with the help of many St Louis professionals, that walk you through the home buying process.
- St Louis Real Estate Search -St Louis’ BEST website for searching homes for sale. Updated directly from the MLS every 5 minutes!
- St Louis Market Data Live, online, information and data on the St Louis real estate market, including home prices, sales and whether an area is a buyers or sellers market.
Step 4 Pick a REALTOR® to work with you.
If you think the timing is right for you to buy a home, then the next step is to select a REALTOR® to work with you to help guide you through the process and avoid the “landmines” that are out there. Many buyers want to go it alone for a while and there are plenty of websites out there where you can search for homes for sale from now to eternity, you will save yourself a lot of time and aggravation by simply utilizing the services of a professional REALTOR® from the outset.
7 Questions you MUST ask an agent before choosing one
Step 5 Get pre-approved for a home loan
This step is important for several reasons: One, it confirms to you that you do have the financial resources to buy a house in the price range you are interested in and, two, when you provide the pre-approval letter to the seller with your offer it shows you are not only a serious buyer, but that you should be able to get a loan to buy their house. This gives you a leg-up in your negotiations over a buyer that is not as prepared.
(See The COMPLETE Report by Clicking the Link Below)
5-Things First-Time Homebuyers Should Do BEFORE Buying A Home…
