Most homebuyers start the process anxious, excited, nervous, and some are downright terrified. It’s natural. A home is the largest and most expensive purchase that most people will make in a lifetime. It can either turn out to be a complete financial disaster or a smart long-term investment. The person standing between it being a huge financial mistake or a valuable asset is your Realtor.
Here is a list of tips for first-time homebuyers help your the agent do the best job that they can for you.
Tell Your Agent Everything: You don’t want any surprises; neither does your agent. Let them know upfront about any financial issues on your credit report. Be as detailed as possible about your goals and be flexible.
- Speak to a Lender: Ask your Realtor to guide you to a good local lender. Try to avoid the “big box” lenders, they will often complicate things. Having a pre-approval is the first step in your house hunt. You will have a better understanding of your budget, and when you find a house that you love, you will be ready to make an offer.
- Make Lists: Write out a list of the things that you want and a list of the things that you need in a new home. Share this list with your Realtor so that they can better help find what you are looking for. Update or add to your list as you think of things and share those changes with your agent.
- Keep Notes: Your Realtor is going to keep solid records of the homes that you see. However you should also keep your own notes as you go to open houses. After each home, share what you liked and what you didn’t like with your agent. That will help him or her narrow the search down for you.
- Organize Your Documents: Keep your documents organized and all in one place. If you have a pre-approval letter, keep that with you on house hunts in case you decide to make an offer. Any documents that you will need like inspection reports or appraisals should be readily available as you search for homes.
- Stay Positive: Maybe the most important tip for first-time homebuyers is to stay positive. Even after you have found the home that you want, made an offer, and had it accepted, the process of closing the deal can sometimes take longer than you’d like. Stay positive. If you’ve looked at several houses and still haven’t found what you want, stay calm. Trust your agent to get it right for you.
- Have a Backup Plan: Don’t put all of your eggs in one basket. That is, don’t become to emotionally attached to the outcome. In a competitive market, no matter how good your Realtor is, there is no guarantee that your offer will be accepted. Having a backup plan or another property you are interested in can take the “sting” out of an offer rejection.
- Never shop at the top of your budget: Home shopping at the top of your budget is never a good, if the home you are making an offer on goes into a multiple offer situation, have some reserve to up the anti in your favor.
- Trust your agent: Last but not least, trust your agent, they do this for a living. While not all Realtors are created equally, many agents especially Certified Residential Specialists, spend many hours and dollars on extra training and education, sharpening their skillset in order to provide their clients the best value possible.
Having an agent for first-time homebuyers is an invaluable asset. They can help you navigate the process when you are unsure of what to do next. You could call and speak with an agent if you have general questions. However, if you are ready to seriously start shopping for a home, you need an agent now. Feel free to contact me with your specific questions.
By Jason Pillar CRS/Blackstream Christie’s International Real Estate
