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First-Time Home Buyer Tips

1. Get a Loan

It's is a good idea to get loan pre-approval in advance. This way you know for certain how much home to buy.

2. Hire an Agent

Agents send you listings directly from MLS that fit your parameters also we sometimes know of new listings which would be coming on soon that may fit your needs.

An agent should be able to point out which properties are over priced and how long a property has been on the market.

Find agent you are comfortable working with and whom communicates with you well.

3. Find a Home to Buy

Buying a home can be an overwhelming process and emotionally draining. Finding just the right home is sometimes a long process, patience is key.

Majority of buyers conduct a lot of research online before ever stepping foot in a home. According to the National Association of REALTORS, most buyers spend up to 6 to 8 eight weeks looking on line before finding an area which they want to live. But once the neighborhood is selected, most buyers end up buying a home after 2 or 3 home tours.

4. Negotiate the Offer

Buyers sometimes make the mistake of comparing the sales price of a home to other homes they have seen. You have to learn to compare features and price the home accordingly. Listed price on a home does not mean the sale price. Some sellers will over price their home.

Your agent should provide comparable sales and examine the pending sales. Comparable sales are similar type homes in the same condition and location that have sold within the past 6 months. Pending sales will become the comparable sales by the time your home closes.

You may need to pay over list price in a seller's market, especially if many buyers are vying for the same inventory. Your agent can give you a reasonable price range and help to manage your expectations. A good buyer's agent knows there is always more to an offer than its price, but price is paramount.

5. Do a Home Inspection

A home inspection is a contract contingency. A contract contingency means a buyer has the right to cancel the contract. You might not want to be locked in to buying a home that has a faulty foundation, for example.

Sellers are generally not required to make repairs if problems are discovered during a home inspection. A home inspection is for the buyer's edification. However, sometimes when a buyer gives a Request for Repair to the seller, rather than blow the deal, the seller will often agree to make a repair.

Still have questions?

Contact Nancy for more helpful tips on buying your first home on Lake Winnipesaukee or another part of the Lakes Region. Also, try Nancy's mortgage calculator and financial tips.

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