3 Tips For First Time Buyers
Buying your first home is a big decision and certainly comes with a lot of excitement. At times it can seem overwhelming but rest assured it can have the power to change your life for the better. If you are considering 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 due to low inventory
Today’s real estate market has more buyers than available homes across the landscape as many are well aware. When this is the case it is wise to consider all of your home style options to open up your pool of options. As a few examples 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.
2- Calculate your ideal down payment and add some padding
While it may be true that a down payment is a good chunk of money, it doesn’t mean that you have to put more than 20% down. In fact, data from NAR (National Association of Realtors) shows that the median down payment hasn’t been over 20% in over 15 years. In reality it has been more like 13% which could mean you may not have to save quite as much as you may have thought. In addition, there are also some down payment assistance programs and some loan options only require 3.5% down. There is the advantage of not paying PMI with 20% down but check with your lender about what options are available to you.
3- Work with professionals
When you are ready to start the process, reach out to a real estate professional such as myself. I can guide you through the steps of what is required beginning with getting pre-approved with a trusted lender. Next 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.