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Answers (10)
- Shawn Ryan Rosa, "sryan1980"
- Contributions:493
#1 - get pre-qualified. you'll be wasting your own time and your realtor's time if you dont know what you can afford.
#2 - Determine what are you want to be in
#3 - Determine what features your property must have and what is negotiable
#4 - Start looking at homes with your realtor.
#2 - Determine what are you want to be in
#3 - Determine what features your property must have and what is negotiable
#4 - Start looking at homes with your realtor.
- Sharon Lewis, "Sharon Lewis"
- Contributions:3923
This is an old posting, already well answered.
- Sherri Bloom, "Sherri Bloom"
- Contributions:60
Hi. Now is a good time to get into the market, especially as a first time buyer. I would definitely contact a mortgage lender and find out what you realistically can afford. Remember, just because you qualify for a certain loan amount, doesn't mean you need to always spend that much! A prequalification letter is usually always included in an offer, to show the seller you have the means to really do this. Then I would start looking online for neighborhoods and homes you find desireable. Definitely get yourself a realtor who can help guide you through the process and make sure you are doing the proper due diligence. The seller usually pays for the agents so this shouldn't cost you anything. Good luck!
- Shawn Ryan Rosa, "sryan1980"
- Contributions:493
get pre-qualified first with a mortgage rep.
contact a local realtor
start looking for homes in the price range your rep qualified you for
don't make any large purchases while looking for your home (cars, etc) - it may change what you qualify since you will have taken on other debt
contact a local realtor
start looking for homes in the price range your rep qualified you for
don't make any large purchases while looking for your home (cars, etc) - it may change what you qualify since you will have taken on other debt
- sunnyview
- Contributions:25139
"A few buyers will look for years, but buyers who do that aren't motivated. A motivated buyer will find a home within two weeks. Most of my buyers find a home within two days."
Spare me. You are doing any buyer that listens to you and feels that they must buy in 2 weeks a huge disservice. I also cannot believe that you would advocate that a first time buyer look at only 1 house. Unbelievable rubbish.
Spare me. You are doing any buyer that listens to you and feels that they must buy in 2 weeks a huge disservice. I also cannot believe that you would advocate that a first time buyer look at only 1 house. Unbelievable rubbish.
- Dan, "the_country_hick"
- Contributions:4699
Saso, " A few buyers will look for years, but buyers who do that aren't motivated. A motivated buyer will find a home within two weeks."
That is not necessarily true. Many motivated people were priced out of the market during the bubble years. As each year turned to the next these motivated buyers saw houses just get more expensive and more unaffordable. Finally when all hope of buying a house seemed lost the bubble reached its peak and burst. Now really wanting to buy a house and remembering pre-bubble pricing many motivated people are waiting for more realistic prices to arrive.
I am such a motivated buyer. I was priced out of the market. Knowing my financial situation well I saved all the money I could. Now I have about 4 times the money I had in 2000 which was a fair amount in my book (more than needed to buy a new car then) but could be seen as a small amount by some others (like Donald Trump). I saved that money for only one reason. I wanted to buy a house. Once pre-bubble pricing returns and the government allows the housing market to normalize without interference then I will buy. If you price someone out of the market for many years they develop patience. I can wait to buy or I could buy tomorrow if the right place at the right price shows up.
For the record, I did make an offer many years ago on a house. It was all I could afford and the seller wanted more than I could pay. They countered and I had no more to add to my offer.
That is not necessarily true. Many motivated people were priced out of the market during the bubble years. As each year turned to the next these motivated buyers saw houses just get more expensive and more unaffordable. Finally when all hope of buying a house seemed lost the bubble reached its peak and burst. Now really wanting to buy a house and remembering pre-bubble pricing many motivated people are waiting for more realistic prices to arrive.
I am such a motivated buyer. I was priced out of the market. Knowing my financial situation well I saved all the money I could. Now I have about 4 times the money I had in 2000 which was a fair amount in my book (more than needed to buy a new car then) but could be seen as a small amount by some others (like Donald Trump). I saved that money for only one reason. I wanted to buy a house. Once pre-bubble pricing returns and the government allows the housing market to normalize without interference then I will buy. If you price someone out of the market for many years they develop patience. I can wait to buy or I could buy tomorrow if the right place at the right price shows up.
For the record, I did make an offer many years ago on a house. It was all I could afford and the seller wanted more than I could pay. They countered and I had no more to add to my offer.
- Saso Joveski, "NwiRealtors"
- Contributions:37
Before You Buy Your First Home.....
It's not uncommon for a first-time home buyer to say to me, "Gosh, just last week I called you about buying a home and now I'm in escrow! How did this happen so fast?"The answer is it didn't. First-time home buyers start the search long before most even realize it.
Here's what you can expect from your home shopping experience.
Benefits for a First-Time Home Buyer
You should buy a home. That's what you've been hearing from friends and family, right? So, by now you have likely already weighed the benefits and decided that home ownership was the best decision for you. That's a major hurdle now passed. You are focused and certain. Good.
Defining Search Parameters for a First-Time Home Buyer
Almost 80% of all home searches today begin on the Internet. With just a few clicks of the mouse, home buyers can search through hundreds of online listings, view virtual tours, and sort through dozens of photographs and aerial shots of neighborhoods and homes. You've probably defined your goals and have a pretty good idea of the type of home and neighborhood you want. By the time you reach your real estate agent's office, you are halfway to home ownership.
How Long Should It Take to Buy Your First Home?
In seller's markets, often I show only one home. After all, how many homes does one family need? A few buyers will look for years, but buyers who do that aren't motivated. A motivated buyer will find a home within two weeks. Most of my buyers find a home within two days.
[hotlink removed by Zillow moderator]
- Sherri Sherpy, "MN Mortgage Mom"
- Contributions:476
marquezj1, Get approved for financing before you even begin the home "shopping" phase. You will need to know if you can be approved for a mortgage, how much you are approved for and the costs. Best wishes!
The first thing to do is schedule an FREE, NO OBLIGATION consultation. As a first time home buyer, there are many questions that need to be answered.
I'll be more than happy to assist you. You can go [promotional information and hotlink removed by Zillow moderator]
Best Regards,
Cruz Lemus
Hablo Espanol
- sunnyview
- Contributions:25139
I am sure that you will get many replies, but the best thing that a first time buyer can do is to read as much as they can and ask questions before they buy. This site here has a lot of information on buying a home--everything from how to qualify to how to hire a good Realtor to how to pick the right home for you. Before you start to look make sure you know what you can afford reasonably. These calculators here are a good place to start and Zillow is a great place to ask all of questions. You'll get a lot of opinions, but in the end the decision is yours. If you have specific questions, please post them. It's a great way to get input and helpful links from many different sources.
Was wondering what steps to buy a house?
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