What Real Estate Pros Want First-Time Homebuyers to Know

Young couple showing key from new house

Charles Dickens aptly described the first-time home buying experience when he wrote, “It was the best of times. It was the worst of times.” Purchasing a home is a joyous occasion, even though the journey can be a roller coaster of emotions, especially the first time around.

The better prepared you are for the process, the better you will feel about the experience, and ultimately, the more likely you are to make the best decisions about your new home purchase.

Professional real estate agents, like the folks at Realty Network Group, are known for connecting buyers and sellers, and like to prepare their clients that are first-timers for the adventures in home buying.

Here are seven tips real estate pros want their clients to know:

  1. Know why you want a home. If you’re seeking a starter house, two bedrooms might be fine. If you want to start a family, it’s going to get cramped fast. Knowing your objective helps you determine what kind of house you should be purchasing.

  1. Know what you can afford. That’s not the same as the amount for which you qualify. Although there are guidelines and formulas for establishing how much you can afford, those are designed for the average family, not for you. Many agents suggest their clients make a budget to determine their specific circumstances and then calculate how much they can afford without becoming “house poor” (spending a large percentage of your total income on homeownership).

  1. Get pre-approved by a lender. Pre-approved is not the same as pre-qualified, which is simply guidance about how much you might be able to borrow. In pre-approval, the lender will do a full check of your finances and determine the maximum mortgage they will lend. Armed with that, you will be able to shop with certainty and act quickly when you find the home of your dreams.

  2. Be realistic. You know those TV shows where a couple visits three houses, picks their favorite and then buys it, as if it were an item for sale on a shelf? Real life is different. In fact, those buyers already bought their home before the show was filmed. In reality, you could visit many houses, make an offer that’s rejected and endure several ups and downs before you finally get into your new home.

  1. Keep a lid on your emotions when you visit a house. TV shows fabricate situations where, for instance, people at an open house exclaim how much they love a home and all its features. Never do that! That gives the seller negotiating power. When you visit a house, keep your comments to yourself and discuss your thoughts with your agent in private.

  1. Understand it’s a seller’s market in the Scranton-Wilkes-Barre region. That means, for many neighborhoods in Northeastern Pennsylvania, you have to be prepared to move quickly, bid aggressively and put up with some degree of rejection. It’s all part of the journey.

  1. Know about closing costs. Your lender is required by law to disclose in writing all the costs and fees associated with buying your house. It’s generally about 3-4 percent of the total loan amount or $3,000-$4,000 on a $100,000 house.

The agents at Realty Network Group know how important their expertise is to first-time homebuyers. Count on them to offer these tips and more to smooth your home-buying experience. Visit RealtyNetwork.net or call 570-585-6880 today.