Krista Graham
TIPS FOR FIRST-TIME HOMEBUYERS

Purchasing a home is a big decision for first-time homebuyers. Here are 10 tips for first time Homebuyers.
1. Get Pre-Approved
Sellers won't accept your offer unless it's all cash or you have a lender's letter saying you can get the financing you need to close the deal. Getting pre-approved is possibly the most important part of your transaction.
2. Target your Territory
Every town has pros and cons, and casting too wide a net can make it harder to make a decision. Decide first where you want to live and focus on those areas.
3. Prioritize your Preferences
Make a list of what's important tpo you and your family, whether it is location, condition, price or certain amenities. Know the difference between wants and needs.
4. Know your Budget
Rather than guessing how much you can borrow or how much your closing costs will be, discuss specific numbers with a reputable mortgage lender or broker, and learn exactly what will fit comfortably within your budget.
5. Be Realistic
Shopping for a house that's more costly than your budget is likely to mean disappointment since most sellers receive multiple offers equal to or higher than their asking price. If you're pre-approved for, say, $270,000, don't ask to see homes priced higher than that.
6. Act Fast
Homes are selling quickly in many areas due to limited inentory. That means you should check out any newly for-sale properties that interest you as soon as possible. If a house is listed Monday, don't wait until Saturday to see it, it could be sold by then
7. Accept Defects
The same logic applies to asking the seller to pay for repairs, unless you're applying for an FHA loan or VA loan.
"If its an FHA or VA loan, you pretty much don't have a choice about asking for repairs if something is a safety concern, or if there are missing appliances, they have to have those replaced," says Baron. "But don't ask for the moon".
8. Get Educated
Being well-informed about the local housing market- including knowing the prices of recently sold homes, taxes, the school district, etc.- can give you an advantage over experience buyers who are out of touch with the trends.
"First-time buyers are very savvy and sophisticated about what's going on," Baron says, "Whereas someone who has been around a long time- they think they know it all".
The bottom line is that purchasing a house today is "challenging" to use Pozek's word, for first-timers. But don't be discouraged. Follow these tips and you'll have a greater chance of securing the home you want.
9. Pay Closing Costs
Asking the seller to pay your closing costs will weaken your offer and lessen your chances of success, says Jan Baron, a Realtor at Realty One Group in Temecula, CA.
"All the sellers care about is their net. If you ask for 3 percent closing, that's 3 percent out of the seller's pocket," she says.
10. Don't Play Price Games
Some first-time homebuyers try to sweeten their offer with a higher price, then recoup the money in seller-paid closing costs, repair credits or other concessions. Pozek says that's not smart because if the appraisal doesn't support that higher price, you won't be able to get your financing
Questions about the process or how to get started?
Contact me today!

Krista Graham
619.729.3612
DRE 01968316 | Realty Executives Dillon