Episode 7: 5 Things To Know As a First Time Home Buyer
Hey! Welcome to episode 7 of the Better Together Realty Group. Today we are talking first time home buyers.
Our awesome buyer specialists, Colton and Dayna, are going to share the 5 things you need to know as a first time home buyer.
First thing to know:
The first thing you need to know is the upfront cost and your budget. We have a great resource for you. We have an upfront cost sheet that we give to all of our buyers that talks about option money, earnest money, inspection fees, and appraisals. All of that stuff is going to do be due within that first week that you are under contract. You need to have all that money ready and available as soon as we start looking.
Second thing to know:
The second thing you need to know is how to put your hard earned money and saved money to work for you. The first thing when you buy a house, that you need to think about, is what that down payment going to be. When you do make the down payment, it is going into the value of the home and creates equity in that home for you. As the value of that home increases, as does your investment. When you look at the value of the homes in say 2019-2020, those values increased 7.9%. What we’re seeing right now, especially right now with the demand being high and inventory being lower, is that those values are increasing even more rapidly. What I would say is let’s get you into a home and let’s increase that investment over time.
Third thing to know:
The third thing you need to know is what lender are you going to use. Be prepared, they will run your credit score, they’re going help you with a budget, knowing closing cost, how much down payment and then lastly giving you a pre approval so that we can start making offers on your purchase.
Fourth thing to know:
The fourth thing you want to know as a first time home buyer is your motivation and your location. Let’s think about where you’re wanting to move and why you’re wanting to move and what house are you looking for. We know all your W’s and we can help you meet your real estate goals.
Fifth thing to know:
The fifth and final thing you need to know about as a first time home buyer in this market, is specifically that the agent you are working with knows this market. When you work with us, we know the market we’re working in, we know what things are happening up to date. When you think about the people that are your trusted advisors, the people that are going to help give their opinions, and going to help you look at a house-lets say your friends, your family, your parents. As they are walking around those houses with us and they are pointing out things that they like and don’t like and we get to that offer table and we are looking at how we’re going to negotiate things out, the person that you need to be trusting is your professional that you are working with. We know what’s happening in the market, we know what’s happening in that house, and we’re going to do everything we can to get you the best value for that house.
Thank you so much. We hope that we were able to help all of you first time home buyers with those 5 tips.
Please comment below, or shoot us an e-mail or text and we would love to help you out.
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