FIRST TIME HOMEBUYER
The primary challenge for house hunters is the current low inventory levels. Low inventory can drive up the price of the homes available when buyers are having to compete for the same dream home. This environment is considered a “Seller’s Market”.
Hire the right agent for you...
Buying a home is exciting but is complex in a competitive market, and can be a bit stressful at times. It is one of the biggest investments most people will make in their lifetime, therefore having the right agent representing you is imperative. You need to decide what you are looking for in an agent.
What to look
1. Knowledge of the area and neighborhoods?
2. The amount of training and knowledge in the real estate industry?
3. What tools they will use to assist you in finding the right home?
4. What agency do they work for, and what is the advantage?
5. Flexible and available whenever you want to view a home?
6. What is their skill level as a negotiator?
You should have your vision of what you want in your new home, your Real Estate Agent, a Loan Offer, and are preapproved up to a set amount.
House hunting should be focused on what you need in a home, how much you can afford, and in the locations you desire to live within. Don't look at more than you can afford.
Research neighborhoods that you think you would like to live in. Visit them on different days and different times of the day. Listen for sounds and observe traffic patterns.
Check out the area parks, shopping opportunities, local cafés, proximity to freeways, theaters, pride of ownership, and any other amenities that are on your list of needs.
Make a Strong Offer!
In a Seller’s Market environment, buying the first home a buyer wants may be difficult! It may take a few offers to get accepted. It doesn’t hurt to have a war chest of strategies to help your odds in getting your offer accepted.
Once you have found a few homes that you are seriously considering for purchase, do some more research in terms of the home itself. Purchasing a home is a long-term commitment.