Are you considering buying your first home? Are you tired of paying rent and ready to start investing in your own home?
It is a buyers market. I know..... you've heard that over and over on the news. So what does that mean to you? It means that there is a surplus of listings on the market so you have a lot to choose from and the opportunity to take advantage of declining prices. You may be able to buy a home now, that a few years ago would have been out of your price range. These reasons make it a great time to buy a home.
Here are a few tips for you if you're considering buying your first home
- What are you looking for in a home? Decide what features you want in a home and which are most important to you. These features may be different for each individual buyer. If you absolutely have to have a large backyard, you may have to sacrifice other features, to suite your budget.
- Get your finances in order. Find out how much money you have to work with?
- Don't wait to get pre-approved. If you're seriously ready to start looking, you should talk to a lender and get pre-qualified for a mortgage before you start viewing homes. If you don't know of any lenders, ask your friends, family or REALTORÒ if they can refer you to a lender.
- Don't ask too many people for their opinion. This will drive you crazy. Pick one or two people to turn to if you feel you need a second opinion.
- When can you move? Do you have a lease? When is your lease up? Can you get out of it early if needed? Are you allowed to sublet?
- Think long-term. Are you looking for a starter home with the idea of upgrading in a few years or do you plan to stay in this home longer? This decision may play into what type of house you'll buy and what type of mortgage terms are best for you.
- Don't let yourself be "house broke". If you spend a very large percentage of you income on the biggest home you can afford, you'll have no money left for maintenance, decoration or everyday living expenses.
- Don't be naïve. This is probably one of the largest purchases you'll make. Make sure you get a home inspection, and, if possible, ask your Realtor to get the seller to provide you with a 1 year home warranty.
- Get help. Hire a REALTORÒ as a buyer's agent. Unlike a listing agent, whose fiduciary duty belongs to the seller, a buyer's agent is working for you and your best interest. And typically Buyer's Agents commissions are paid by the seller.
For more information on St. Clair Shores Real Estate or Macomb County Real Estate call Mike Mitchell.
To start searching Macomb County homes and condos for sale click here.
Mike Mitchell - REALTOR ®
GMAC The Kee Group
Direct: (586)291-2652
http://www.mmhomesearch.com/
Mike: Great advice for first time homebuyers. It's easy to feel so overwhelmed that you never even start...but this breaks it down and makes the pieces easier to digest.
Thanks for stopping by and commenting Chris Ann, you're right, and with the amount of inventory, it can really be overwhelming for buyers.
Great advice! I always have them get pre-approved and then meet with them BEFORE we go out to look at any properties to go over EVERYTHING from beginning to end to make them feel comfortable with the process. This way when we finally do go out looking at homes, they are excited and ready to make a purchase.