These four tips can help first-time home buyers purchase their home at the best price and rate possible.
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Today, I have some tips to help first-time homebuyers purchase a home.
- Find a great real estate consultant. The way I differentiate between a real estate consultant and an agent is that a consultant will sit down with you and identify your needs and what you’re looking for. An agent, in my mind, is more reactionary; they’ll show you the houses that you ask to see.
- Dig into the market conditions. There are many different markets throughout the country. Here in Birmingham, we’re in a low inventory market and interest rates are spiking. The differences between markets will affect the price of the home you’re trying to buy. A great consultant will help you navigate the market conditions and structure the best deal for your situation.
- Work to make sure you’re fully pre-approved. This will require working with a lender. Sit down with them and let them coach you through the various financing options that are available in this rising interest rate climate in order to reduce your payment. It could be an interest rate buydown, negotiating with the seller to have them pay closing costs, or possibly having the lender pay some closing costs.
- Look at homes that need renovations. Work with your agent and lender to do a 203(k) renovation loan and renovate a house.
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First-time homebuyers have many different options in today’s market.
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First-time homebuyers have many different options in today’s market. Discuss these with your consultant to get the best deal at the best price with the best terms for you and your family’s goals.
If you have any questions, please feel free to contact us. We’d be glad to help you any way we can.
