Homebuying Tips for First Time Buyers
Buying your first home is an exciting experience and there are a lot of things to know about it that will make for a smooth transaction. Here are a few tips to help get you started:
- It’s really important to get pre-approved by a lender. This sets you on the right path for determining a budget.
- You need to know what type of financing you are getting. Yes, there may be a difference in the types of properties you can look at depending on the loan. For example, only certain condo communities will accept FHA loans.
- Talk to an agent to get a reasonable outlook on the market. For instance, some websites like Trulia will list preforeclosures for inaccurate prices. Also, some properties may have a desirable price but only accept cash offers. If you work with an agent who really knows the market, they can help you get an accurate read and set realistic expectations.
- Make fair offers and move on. If a home is listed for $500,000, it may not be a smart move to offer $450,000 the first week on the market. However if a home sits on the market for a long time (90+ days), then the seller may be more open to considering an offer like that.
If you are in the market for your first home, please contact us at 714-540-7355 or info@torellirealty.com and we’d be happy to discuss your needs.