Getapkmarkets
TRENDING
No Result
View All Result
  • Home
  • Business
  • Health
  • Tech
  • Home and Decor
  • Lifestyle
  • Entertainment
  • Fashion
SUBSCRIBE
  • Home
  • Business
  • Health
  • Tech
  • Home and Decor
  • Lifestyle
  • Entertainment
  • Fashion
No Result
View All Result
Getapkmarkets
No Result
View All Result
Home Home and Decor

5 Tips for Buying Your First Home

by Kaitlister11
July 22, 2021
in Home and Decor
0
5 Tips for Buying Your First Home
161
SHARES
2k
VIEWS
Share on FacebookShare on Twitter

Buying a home is daunting as it is. Buying your first home in a hot real estate market is on another level.

Inventory is down by about 23%, demand is up, and people are coming in with cash offers. It’s enough to make you want to wait to buy a home.

If you’re thinking about buying your first home, you’ll want to keep reading. These are the top home buying tips to get you into your first home.

Table of Contents

  • 1. Get Your Financials Together
  • 2. Learn Your Local Market
  • 3. Work With an Agent
  • 4. Save for a Down Payment
  • 5. Don’t Forget About Closing Costs
  • Buying Your First Home Is Exciting

1. Get Your Financials Together

Your ability to buy a home hinges on your ability to get financing. You’ll need to have a number of financial pieces together before you look for homes.

Be sure to pull your credit report because you don’t want any surprises to hurt your chances for approval.

You’ll need to have a budget in mind for a home. Look at your income and expenses. Determine how much you can spend on your home, including insurance, mortgage, and maintenance.

2. Learn Your Local Market

You want to make sure that your real estate investment grows over time. Home values are incredibly high right now.

Buying in this market is risky because those home values can drop. That leaves you underwater, where you owe more for the mortgage than the home is worth.

The local market has a lot of valuable data to help you determine if the home is in the bubble or not.

Look at the local Multiple Listing Service, the association for Realtors, and agent sites like Stroudandassociates.com.  

They’ll have sales data by zip code, the median price of homes, and how long homes are on the market.

3. Work With an Agent

First-time homebuyers always should work with an agent. That’s because the home buying process has so many challenges.

An agent will go to bat for you to make sure you get the home that you want at a price that you can afford. They’ll negotiate offers and help your offer get accepted in a crowded market.

4. Save for a Down Payment

You’ll need to have a down payment for your home. The down payment is necessary to get your home loan approved.

Lenders expect you to take on a certain amount of risk in the transaction. You can get an FHA loan, which only requires a 5% down payment.

There are also grant programs that are designed to help first-time homebuyers get the down payment.

5. Don’t Forget About Closing Costs

Closing costs are paid to the lender when you sign the paperwork and get the keys to your new home.

They can be quite a shock if you’re not prepared for them. Closing costs range from 3% – 5% of the amount of your loan. For a $200,000 loan, you’re looking at $6,000 to $10,000.

These numbers have to be added to your initial homebuying financials.

Buying Your First Home Is Exciting

Do you dream of buying your first home? It may seem like a stretch because this housing market is so competitive.

These tips for first-time home buyers show you how to prepare for a hot real estate market. Head over to the home page to find more valuable real estate tips.

Share64Tweet40Share16

Related Posts

Guest pg hotel kormangala
Home and Decor

How To Consider Paying For Guest Accommodations As A Working Person

May 18, 2022
SOFAS
Home and Decor

Find Affordable Sleeper Sofas Online

May 8, 2022
How to Decorate a New Apartment
Home and Decor

Ways To Transform the Corridors and Make them Lively

May 4, 2022
Best Places to Buy a Rug in the UAE
Home and Decor

Tips On Keeping Wooden Décor In Prime Condition

April 14, 2022
Garden Design Ideas to Try in 2022
Home and Decor

How to Choose the Best Plants for Your Home

April 15, 2022
How to Maintain a Beautiful Garden
Home and Decor

How To Keep Pests Away From Your Deck, Patio And Garden

April 14, 2022
Next Post
Keep Cool: Top Signs You Need Your Air Conditioner Serviced or Repaired

Keep Cool: Top Signs You Need Your Air Conditioner Serviced or Repaired

  • 22.9M Fans
  • 111 Followers
  • 546 Subscribers
  • 294 Followers

Recommended

10 Important B2B Content Marketing Statistics to Improve This 2021

10 Important B2B Content Marketing Statistics to Improve This 2021

September 15, 2021
Why Do We Wear Wholesale underwear ?

Why Do We Wear Wholesale underwear ?

December 8, 2021
Number Plate Maker Uk

Changes Should be Applied in Your Car Before Christmas Eve this Year

November 16, 2021
What Is the Future of Terrestrial TV?

What Is the Future of Terrestrial TV?

August 25, 2021
Statement jewellery to love right now

Statement jewellery to love right now

October 15, 2021
heidi grey

A Closer Look at Heidi Grey

December 15, 2021
  • Home
  • Business
  • Health
  • Tech
  • Home and Decor
  • Lifestyle
  • Entertainment
  • Fashion

© Getapkmarkets 2020 Designed by Joe Calvin

No Result
View All Result
  • Home
  • Business
  • Health
  • Tech
  • Home and Decor
  • Lifestyle
  • Entertainment
  • Fashion

© Getapkmarkets 2020 Designed by Joe Calvin