What First Time Home Buyers Should Know
When you are buying your first house, it is extremely exciting to know you are about to become a part of the world of ownership. There are some things you should already know when you beginning looking for a home to purchase. One of the very first items you need to identify is if it is a buyer or a seller’s market. If it is a seller’s market, like it is currently, home prices are going to be higher. Conversely, if it is a buyer’s market then home prices will be lower and you can get more for your money. Having this information will help you to know what you will be able to afford, and how much house you can get for your budget. Once you have figured out this information, there are a few more things to consider before you are ready to buy.
Realistic Expectations
Television shows have misled a lot of first time home buyers into thinking the process is super quick, super fun, you “find most everything you want”, and non-exhaustive. This is a complete and far stretched exaggeration of the truth. Finding your first home can be a long and extremely frustrating process due to the multiple variables. Know that it may take time to find what you are looking for.
Pre-Approval
It can make your search process much easier if you know how much you are actually approved for before you start looking. This will help with not wasting time on a home you cannot afford, and lessen the heartbreak if the home you love is out of your price range.
Rejection
When it is a seller’s market, sellers can pick and choose who they want to sell to; competition is tight, and unfortunately for first-time home buyers their first offers usually don’t get accepted.
There is a lot to do to prepare yourself to purchase a home, but the most important thing you can do is arm yourself with knowledge and patience.