First Time Home Buyers

a couple sitting by their moving boxes

Buying your first home may be exciting and a bit over whelming. Let us help you make the right decisions when making your first purchase.

Here are some steps to help you with your first purchase.

1)  Determine what you can afford.

When buying a home take into consideration all the one time fees plus the on going monthly expenses. The largest cost is the  one-time cost of the down payment. Normally it is a payment of 5% to 20% of the total cost of the property.

Typical One-Time Expenses

Mortgage Application and Appraisal Fee…………………….At time of application

Property inspection (optional)…………………………………At inspection

Legal Fees……………………………………………………………..Closing

Legal Disbursements………………………………………………Closing

Property Survey (sometimes provided by seller………….Closing

2) Understand market conditions.

The market is always changing. I can help you understand the current real estate market conditions  and explain their impact.

Buyers Market– The supply of homes on the market exceed the demand.  This market gives you more time to look and more negotiating leverage.

Sellers Market- The amount of buyers on the market out number the homes on the market. Buyers may have to pay more and have less room for negotiating prices.

Balanced Market- The amount of homes on the market are equal to the buyers on the market. This creates a much more relaxed atmosphere and offers a reasonable amount of homes to pick from.

3) Obtain a pre-approved Mortgage.

Having a pre-approved mortgage will give you confidence of knowing what exactly you can afford when buying a home. You will also be protected from any interest increases that might happen during the time you shop for a place.

house for sale