10 Essential Tips for First-Time Homebuyers

Buying your first home is an exciting milestone, but it can also feel overwhelming. As a real estate agent, I’ve guided countless first-time buyers through the process, and I’m here to share my top tips to help you navigate the journey with confidence.

1. Assess Your Financial Readiness

Before you start shopping for homes, take a close look at your finances. Check your credit score, calculate your monthly expenses, and determine how much you can afford. A good rule of thumb is to keep your mortgage payment below 30% of your monthly income.

2. Get Pre-Approved for a Mortgage

A mortgage pre-approval not only tells you how much you can borrow but also shows sellers that you’re a serious buyer. Shop around for the best interest rates and loan terms to ensure you’re getting the best deal.

3. Define Your Must-Haves and Nice-to-Haves

Make a list of what you need in a home (e.g., number of bedrooms, proximity to work) versus what would be nice but isn’t essential (e.g., a pool or walk-in closet). This will help you stay focused during your search.

4. Research the Area

Location is key in real estate. Spend time exploring the general area where you’d like to live. Think about proximity to work, public transit, and access to amenities like parks, dining, and shopping.

5. Work with a Knowledgeable Real Estate Agent

A real estate agent can be your greatest asset during this process. I’ll help you find homes that meet your criteria, negotiate on your behalf, and guide you through the complexities of contracts and closing.

6. Be Ready to Act Quickly

In competitive markets, homes can sell fast. If you find a home you love, be prepared to make an offer. Having your finances in order and working with an experienced agent can help you act with confidence.

7. Don’t Skip the Home Inspection

A home inspection is your chance to uncover any potential issues before you commit. It might cost a few hundred dollars upfront, but it could save you thousands in the long run.

8. Understand All Costs Involved

Beyond the purchase price, remember to budget for closing costs, property taxes, homeowner’s insurance, and ongoing maintenance. A clear understanding of these expenses will prevent surprises later.

9. Think Long-Term

Consider your future plans when choosing a home. Will the space accommodate your evolving needs over time? Your answers will help you focus on a property that supports your goals, both now and in the years ahead.

10. Stay Patient

The homebuying process can take time, especially in a competitive market. It’s important to stay patient and not rush into a decision. The right home is worth the wait!

Final Thoughts

Buying your first home is a big step, but with preparation and the right guidance, it can be a smooth and rewarding experience. If you’re ready to start your journey, I’d love to help! Contact me today to discuss your goals and how I can assist in finding your dream home.

Let’s find the perfect home together!

Fall is in the air…🌻🍂🍁

Pumpkin Bread

(Makes Two Loaves)

2 1/2 cups flour

2 tsp cinnamon

1 tsp salt

1/2 tsp pumpkin pie spice

2 tsp baking soda

1 cup chopped nuts (optional)

4 eggs

2 cups pumpkin

1/2 cup water

3 cups sugar

1 cup oil

Vanilla to taste

Mix the first five dry ingredients together in a medium-sized mixing bowl. In a separate bowl, mix sugar, oil, eggs, pumpkin, and water (one at a time). Gradually add dry (the first five dry ingredients mixed) into the wet mixture. Mix in vanilla and nuts if being used. Evenly distribute mixture in both prepared loaf pans( buttered and floured) Bake for one hour at 350•

Yummy!

Marry your home and only date your mortgage rate!

Selling your home virtually

Our virtual tours and electronic documents keep it all going!

My Favorite Holiday Dessert Recipe

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Understanding Market Value

Pricing is the key to positioning your home to attract qualified buyers.

A property’s value is based on:

• Location, design, amenities and condition.

• Comparable available properties, and sold properties.

• Economic conditions what affect property transactions and values.

Factors that have little or no influence on the market value of a home include:

• The price originally paid for the property.

• Expected net proceeds.

The impact of accurate pricing:

• Properties priced correctly generate more showings, more offers, and sell in a shorter period of time.

• Properly priced homes may streamline and fast track the appraisal process.

A Comparative Market Analysis (CMA) considers similar properties that:

Are currently on the market:

• These properties will be competing with yours for the attention of available buyers.

Have recently sold:

• This shows us what buyers in the market have paid for properties similar to yours.

Failed to sell:

• Understand why these properties did not sell can help avoid extended marketing time.

Tips To Improve Your Credit Score

Credit agencies take into consideration various factors when determining your credit score.

Components of Your Credit Score (In %)

Payment History: The largest component of your credit score is showing the ability to make regular payments to all creditors. Even one missed payment can cause your score to drop by over 90-100 points.

Outstanding Debt: The amount you owe is compared to your current credit limit to create your debt-to-credit ratio. The ideal figure for this ratio is 25%.

Length of Credit History: A longer credit history will generally increase your FICO score. Your score takes into consideration how long your accounts have been open, how long it has been since you have used certain accounts, and the spread between the age of your accounts.

Interest in Obtaining New Debt: A potential lender can see how many “inquiries” you have for new forms of credit. If you are trying to obtain financing for a home, you should not open any new accounts in the preceding time period.

Types of Credit in Use: Your credit score will consider your mix of credit cards, retail accounts, installment loans, finance company accounts and mortgage loans. It’s not necessary to have one of each, and it’s not a good idea to open credit accounts you don’t intend to use.

Buyer Don’ts When Purchasing a Home

Don’t Make an Expensive Purchase: It’s best to avoid major purchases like furniture, cars, appliances, etc. until after closing. Lenders are pulling your credit prior to closing to make sure that you still qualify for a loan.

Don’t Get a New Job: Lenders like to see consistent job history. Generally, changing your job will not affect your ability to qualify for a mortgage loan. But in some instances, getting a new job during the loan approval process could raise some concern and affect your application.

Don’t Switch Banks Or Move Money Around: During the loan application process, you may be asked to provide bank statements for the last two or three months. To eliminate potential fraud, lenders may require a paper trail to document the source of all funds. Changing banks or transferring significant amounts of money between accounts could make it difficult to document your funds.

Don’t Disregard Your Lender’s Requirements: You may have been pre-approved for the loan but your work with the lender is far from over. In order to process your loan, you need to meet certain requirements. Your lender will need copies of your bank statements, pay stubs, and other paperwork. Failure to submit certain qualifying documents could delay your loan approval and closing date.

Source: danianniello.phmloans.com

Welcome to Diane Purdy Homes🏡🏡

Thank you for visiting my website! A short time ago we launched this site to be helpful and resourceful whether  you are a seller, buyer or just curious. There will be much new content to follow, covering home staging for sellers, mortgages, credit scores and much more! 

Please visit my drop-down menu under “Sellers” and “Buyers”  to see my mission statement. Feel free to contact me for your real estate needs!