Advice for First-Time Home Buyers
December 2, 2013
Movoto Real Estate, an online real estate brokerage based in San Mateo, Calif., asked its agents for advice that they would give clients looking to purchase a home for the first time. These tips can help guide your clients through every step of the process.
Starting the Search
There is no such thing as the perfect home, but there is a home that is perfect for you.
Take the time to search for a home that suits you and meets your personal/financial needs.
The market is shifting, so you have to be aggressive with your home search because properties are selling quicker with multiple offers.
Figure out your personal budget to determine how much you can truly afford, then get pre-qualified and compare the amounts. Use the lowest of the two.
When considering your price point, start with the amount of rent you are paying now, not necessarily what the bank/mortgage company says they will loan you.
Do not look for a home for the amount you are qualified to buy with your mortgage agent. Ask him to tell you how much you can buy based on the mortgage amount you are comfortable paying every month.
Working With a REALTOR®
Choose an agent based on their knowledge, experience, and work ethic. Then allow them to guide you.
Make sure that whoever you are working with is someone you can trust and that will put your interests in front of their own. If they care enough, they will ask you lots of questions!
Markets vary from one another and a good agent can give you local information based on experience.
Source: "64 Tips from Top Agents for First-Time Home Buyers," Movoto Real Estate Blog (Nov. 15, 2013)
Updated: April 03, 2020