Tips for the First Time Home Buyer

Did you know that last year, 34% of all home buyers were first-time home buyers? If you are hoping to become a homeowner this year, you will not want to miss these tips!

Hire a real estate agent to help.

Entering the home market can be a bit confusing if you do not hire a real estate agent to help. An agent can help save time, provide knowledgeable expertise, and preview homes for you. Agents also find out about new listings coming up before they hit the market.

Start the search for your home.

Searching for a home takes some time. The first thing you should do is narrow down the neighborhood you would like to live in. According to the National Association of Realtors, people spend about 6 to 8 weeks determining where they want to live. Once you narrow down the location, you should schedule at most 7 tours a day. Typically, people will select a home after 2 or 3 tours.

Receive a loan.

Purchasing a home is a large financial commitment, this will require you to receive a loan. We recommend getting a preapproval prior to putting an offer on a home. Not only will this help you determine how much money you have to spend, many sellers will not look at an offer if the buyer does not have a loan preapproval. FHA loans are popular amongst first-time home buyers.

Negotiate your offer.

Remember that you can negotiate the offer you present to the seller. A real estate agent can show you comparable sales in the neighborhood. This will allow you to determine how much to offer. If you are purchasing a home in a seller’s market, you might need to offer above the list price, especially if other people are making offers.

Conduct a home inspection.

You should always conduct a home inspection to understand what exactly you are walking into with a home purchase. Usually, sellers are not required to make any updates after the inspection is conducted. However, sometimes if the buyer offers a request for repair to the seller, instead of cancelling the offer, the seller will agree to make the repair.

Brightstar Realty & Rentals is a full service real estate broker and property manager providing management, sales, and leasing services to property owners and tenants. Our team provides services to the following Northern NJ counties: Bergen, Essex, Hudson, Morris, Sussex, Union, and Warren counties.