Buying your first home can be overwhelming, and we are here to help you through the process. We believe now is the perfect time to buy since the real estate market is now a buyer’s market with rock bottom home prices and low interest rates. Here are a few steps that will help simplify what can seem a complex process.

1) Establish good credit – Banks and mortgage lenders will not lend to first time home buyers unless the borrower has a history of borrowing money and paying it back in a timely manner.

2) Save for a down payment & closing costs – When buying your first home, you’ll need money for a down payment as well as closing costs. This applies to previous home owners as well as first time home buyers. Lenders want borrowers to have a vested interest in the property. If you’ve put your own money into the house, you will be less likely to walk simply away from the property.

3) Research market values – The only way to find a great deal is to study the market values in your area.

4) Get pre-approved for a mortgage – Getting pre-approved for a mortgage is an important step in the first time home buyer process. With a pre-approval, your offer will carry more clout with the seller, and you’ll be in a position to close on the purchase more quickly. This is important to many sellers. Offering a quick closing is also a powerful tactic in negotiating a discount off the purchase price

5) Shop for the right home – Start with the price range. Let your agent know how much you are qualified to spend. Then list amenities that you desire such as number of bedrooms, and additional items such as a deck, fireplace, whirlpool tub, etc. If you are hoping to purchase your first home in a certain area, or within a certain distance from work, let your agent know that too. The more information that you give to your agent, the more time can be saved by everyone. Your first home may not have everything included that you could possibly want, so decide which items are negotiable, and which aren’t. Let your agent know.

6) Learn about the elements and terms of a sales contract – As a first time home buyer, by definition you’ve never been a party to a real estate purchase and sale agreement. Below is a copy of the newest sales contract.

We look forward to the opportunity to assist you in realizing the American Dream of owning a home.