Tips For Buying Your First Home And Mistakes To Avoid
Hire an Agent
Because I am an agent, I believe in hiring a buyer's agent first. But you don't have to if you prefer to go to open houses and look through a mumbo jumbo of homes online.Mostly, an agent will save you time.
An agent can send you listings directly from MLS that fit your parameters, and you won't waste time looking at active short contingent listings that are under contract.
Find a Home to Buy
Buying a home can be an overwhelming process and emotionally draining.Most buyers conduct a lot of research online before ever stepping foot in a home. Buyers spend an average of 6 to 8 weeks, according to the National Association of REALTORS, trying to figure out where they want to live. But once the neighborhood is selected, most buyers end up buying a home after 2 or 3 home tours.
Get a Loan
It's not always necessary to have a mortgage broker or bank in your back pocket before buying a home, but it's smarter to get loan pre-approval in advance. This way you know for certain how much home to buy.
Negotiate the Offer
Buyers sometimes make the mistake of comparing the sales price of a home to other homes they have seen. It's a mistake to compare sales prices among homes for sale. That's because sellers can ask any price they want. It doesn't mean the home will sell at that price.
An agent can provide comparable sales and examine the pending sales. Comparable sales are similar type homes in the same condition and location that have sold within the past 3 months. Pending sales will become the comparable sales by the time your home closes.
Do a Home Inspection
In some states, a home inspection is conducted before buyers make a purchase offer. In other states, a home inspection is a contract contingency. A contract contingency means a buyer has the right to cancel the contract.
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My name is Manny Quiros, I’m a real estate professional in the “Disney Area”, I have lived in this area since 1999 and have called this area my home and place my wife and I to raise our three wo....