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first time homebuyer

i'm putting an offer on the first home I saw, because of the great location. it's a bit above my budget, but the closest to my price range for that area.
Is it better to wait and keep looking, although I know most houses are going for more.
several real estate agents told me already I should look in different areas with my budget, so this one is kinda like a lucky find already.
  • September 30 2013 - Brooklyn
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Answers (7)

If you are looking over budget I hope it is a self imposed budget and not your pre-qualificaiton. 

Besides the payment you have to factor in real estate taxes and insurance.  If you are not putting 20% down you will also have monthly PMI fees.

It's ok to stretch a little, but bear in mind there may be unforeseen expenses after you buy the home that require immediate attention.  Don't wipe yourself out so that even peanut and jelly looks extravagant.
  • September 30 2013
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Glad to see you entering the real estate market......1) Get a pre-approval letter from a major bank!! 2) Always have your own representation (your agent) 3) Making an offer does not hurt you, you get to know in real time whether your offer was close or not. 4) It will teach you to make a better offer next time around and give you a reality check.!! 5) Always understand that there is no perfect house!? You will have to make some concessions to your list of criteria's. It is up to you to decide which are more important?! 6) Never compromise on an area/neighborhood, you cannot change it!!........Hope this helps....happy hunting!!
  • September 30 2013
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You are pre-approved already right? If you aren't I would recommend you get that done as soon as possible so it won't cause any problems in the home-buying process once you choose the house you want. You should speak with a lender that can help you out.

Well I hope this helps! If you have any further questions or if you would like a loan, feel free to contact me!

Good Luck!
  • September 30 2013
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Dear user3938896:

You should go with your gut, nobody can answer this question better than you. If you are looking to purchase a home in Brooklyn, feel free to contact me direct and I can try to be of better assistance. Good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales/ e-Pro Realtor
Fillmore Real Estate
[content removed by Zillow moderator]
  • September 30 2013
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If you sleep on it, you may not sleep in it! If you can make it work for you and it has most of what you are looking for, go for it!
  • September 30 2013
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If the home has all you're looking for and you can adjust  your budget, and you feel is a lucky discovery I would seriously consider it sometimes there are those sleepy purchases that many buyers pass on, best of luck!
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Well, if it's outside your budget-then look at different areas and then decide on if you want to wait for the great location or buy else where.   
  • September 30 2013
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