If you are getting ready to purchase your first home, you need to know how the home buying market works. Knowing how the home buying market works will help you make smart decisions as you go through the home buying process.
1. Be Ready to Act Quickly
First, you need to be ready once you start looking at homes, to act quickly when you find a home that you want to purchase. Right now, it is a seller's market, which means that terms are really favorable for sellers, which also means that buyers need to be more aggressive.
This is especially true during the spring and summer months, which tend to be some of the most active months for home buying. When you see a home that you like, you need to be ready to put in an offer. That is why you need to be prepared before you start the home buying process.
2. Make Sure You Are Pre-Approved
In order to be able to move quickly on homes that you are interested in purchasing, you need to have your financing already lined up. Find a lender that you want to work with, and work on getting pre-approved.
That way, when you put in an offer, you really will have the financing already lines up.
3. Get Your Own Agent
When it comes to looking at homes, you need to find a real estate agent to work with. Keep in mind that you don't have to pay a real estate agent upfront to help you find a home.
Real estate agents make their money from a commission they get when they sell a home. The commission is a set percentage of the home's advertised selling price. Getting your own real estate agent ensures that the agent is looking out for your best interests.
4. Let Your Agent Know Exactly What You Are Looking For
Finally, make sure that you let your agent know exactly what you are looking for. Let your agent know what neighborhoods in your community you are interested in living in and what neighborhoods you are not interested in. Let your agent know the specific features that a home and property need to have that are not negotiable for you, and the features that you would like to have but are more flexible on.
The more you tell your agent what you are looking for and want from a home, the better your real estate agent will be at helping you find the right home in a timely manner.
As a first-time home buyer, make sure that you get pre-approved before you start looking for a home. Find a real estate agent that you like working with, and let your agent know exactly what you are looking for. Make sure that you are ready to move quickly when you find a home you are interested in purchasing.
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