Tag Archives: first-time homebuyer

Facebook Testimonial: Treated like a priority client!

Testimonial: Exceeded our expectations!Thanks so much to Erik Swanson for this five-star testimonial on Facebook! We love helping clients like this get into their first home. We’re so glad you love your new home, Erik!

“Man, we only could get an FHA loan and, in this market, it wasn’t pretty for what we were looking for. Marti was a true fighter and got us an awesome house that we truly feel like it was the best home that we could have possibly gotten, without relying on a massive bank heist or waiting for the prince of Nigeria’s check to clear (still waiting!)

Marti was quick to respond to concerns and never gave up on us! You will be treated like a priority client If you are a first time home buyer who just smashed open the piggy bank to get your first home or got the budget for a Lake Meridian house. I’m quick to recommend Marti any time I hear someone murmur buying or selling a house!

~ Erik Swanson, November 25, 2017

Read Erik’s review and others on Facebook here.

Team Marti’s Top 10 Tips for First-Time Homebuyers

Team Marti's Top 10 Tips for First-Time HomebuyersA seller’s market can be a tough place for first-time homebuyers to purchase their first home, but don’t despair. It is certainly doable. Educate yourself on what’s needed to succeed in a seller’s market and work with an experienced Realtor who will give you world-class, 24/7 service. Here are our top 10 tips for first-time homebuyers. Good luck!

  1. Get pre-approved for a mortgage. We recommend doing this before you begin shopping a home, so you know how much home you can afford and what type of credit you have, which will ultimately impact your loan terms, including the interest rates.
  2. Begin your home search online to get an idea of what’s available. Check out Realtor.com, Zillow, Northwest MLS or your favorite Realtor’s website.
  3. Work with a Realtor early on in your process. A talented Realtor can help guide you through what can be a very complex process, and offer advice specific to your situation. Get recommendations from friends and colleagues, and be sure to check out the referrals online before you meet with them. Read their online reviews and testimonials and their LinkedIn profile to see how long they’ve been selling real estate. You might also interview a couple of different agents to see who might be a good fit for you.
  4. Know the difference between your wants and needs in a first home. List all the features you want in a home and categorize them as ‘must haves,’ ‘should haves,’ and ‘absolute wish list.’ Learn more here.
  5. Check out the neighborhood and schools. The features of your home will be very important to you, but the neighborhood where you want to buy should also play a factor. Are there similar homes in the neighborhood? Are they well maintained? What amenities are nearby (e.g., parks, restaurants, shopping)? If you have a school-age child, or will be starting a family, what schools will your child attend? Visit the neighborhood at different times of day, if possible.
  6. Attend open houses. This is a great way to tour homes on the market to see what’s available. Keep in mind though that in a HOT real estate market like this one, a new listing may receive multiple offers the day of the open house. If you fall in love with a house you are touring, you’ll want to act on it right away.
  7. Write a winning offer. In a seller’s market, you need to bring your best offer to the table with as few contingencies as possible. Work with your Realtor to offer a fair but attractive price.
  8. Understand that your offer might get rejected. Competition is tough these days, so you may not get the first home you put an offer in on. Be patient. It will happen.
  9. Be prepared to cover closing costs. In a seller’s market, the seller tends to have control, so prepare to cover your own closing costs which will be on top of your down payment. Here are some additional guidelines.
  10. Don’t expect any home to be perfect. Sure, you have your heart set on a dream home with all of the desired features, but that is unrealistic. Realtor.com suggests you focus on three main factors: price, size and location. If you get all three, great, but getting two is more likely.

Good luck, and let us know if Team Marti can help!

[Sources: Inman, Realtor.com and CNN Money]

Honest Advice for First-Time Homebuyers in a Sellers’ Market

Honest Advice for First-Time Homebuyers in a Sellers' Market

 

With home inventory so low, homes are selling quickly and above the asking price, in many cases. Here is some sound advice to help first-time homebuyers purchase a home in this sellers’ market:

  1. Get pre-approved from a mortgage lender. Whether you go through a traditional bank or a mortgage broker, first-time homebuyers should get pre-approved before shopping for a home. This will show sellers that their lenders have run a credit check, verified income and have tentatively agreed to lend the buyers money to buy a home. Pre-approval also typically means that the homebuyers know how much home they can afford. Learn more about pre-qualification and pre-approval here.
  2. Buy a home with a conventional mortgage. This will make homebuyers more attractive to sellers than someone who is getting financed through a VA or FHA loan, for example, because those home loan programs sometimes have greater restrictions.
  3. Put down a large down payment. While low down payment programs like VA and FHA home loans exist so buyers can buy a home with less money down, you will be more attractive to a mortgage lender and home seller with a larger down payment. This will also save you in mortgage interest over the life of your mortgage loan.
  4. Come to the table prepared to cover closing costs. When sellers have multiple buyers to choose from, they are more likely to select a homebuyer that is not going to ask the seller to share in closing costs.
  5. Require fewer contingencies when making an offer. When a seller has to wait for you to sell your home, or when other contingencies exist, a homebuyer becomes less attractive. Sellers want to sell their homes for as much money as possible, and as quickly as is possible. When contingencies exist, they could potentially hold up the selling process.
  6. Make an offer above asking price. Homes on the market now are selling within days. To buy one of those homes, homebuyers often have to offer more than the asking price to get their offer seriously considered. Of course, how much a buyer can offer is going to be based on their budget and down payment, but in this market, they should be prepared to go above the asking price.

This market is particularly challenging for first-time homebuyers. If you are in the market to buy a home now, consult with an experienced Realtor – like me – who can help you improve your chances of finding a home and getting your offer accepted. We can help you understand your options and improve your chances of having your offer accepted.

 

 

8 Tips for First-Time Homebuyers

8 tips for first-time homebuyersTired of apartment living? Have a growing family? Want a space you can call your own? Buying your first home can be complicated, but these tips will make buying your first home easy-breezy.

  1. Know how much home you can afford. Look at your average monthly budget and see what you can spend on your mortgage comfortably. Find a home that fits in your budget, but that also has the features most important to you. Skip the upgrades if they don’t fit in your budget, and ask your Realtor® to tell you what closing costs to expect.
  2. Know what you need and want in a home. If you need lots of space, make that a priority. If you love cooking, make sure a well-equipped, modern kitchen is a must have. Make sure you also include neighborhood, schooling, and commute in your list of priorities as well.
  3. Get pre-approved for a loan. This will also help you figure out how much you can afford and make things less scary when trying to figure out which houses are not only in your budget, but also in your priorities list.
  4. Explore your mortgage options. Are you a person who never plans to buy another home, and are only interested in a fixed-rate mortgage? Do you want to use this as a starter home and have an adjustable rate mortgage? Compare different banks and home loan options, and don’t be afraid to do your homework. Need a referral? Your Realtor® will be able to help.
  5. Find the right Realtor®. You need someone you not only trust, but like to work with. You want quality advice when you need it. Ask friends and family who they have worked with, and if they had a good experience. This won’t work if you’re moving to a new city, however. Ask potential agents how many homes they’ve sold in your target area or what certifications they have. You can also look for testimonials for Realtors® in the area where you’re moving.
  6. Understand the offer process. So you’ve found a house. Know how long the house has been on the market, how the asking price compares to different homes in the area, and how comparable other properties are. Negotiation is normally inevitable, so make sure to leave a little leeway. Make sure your offer also includes other factors like financing and property inspections, and be aware of any deal breakers (e.g., cracked foundation, a roof that needs to be replaced, etc.) before you make an offer.
  7. Get a home inspection. This will tell you if there are any problems with the home that you weren’t aware of when you made the offer. Know what’s inside the walls, underneath the floors, if the roof leaks or there is flood damage. You’ll be happy you did. Check with local associations to find a reputable inspector or ask your Realtor® for a recommendation.
  8. Know what you’re signing before you sign. Ask for draft copies of anything you are supposed to sign before the closing date. This will help you figure out what you’re signing. If you don’t understand something, don’t be afraid to ask someone in your network of contacts to explain.

Still have questions? Ask an experienced local Realtor® what you need to know before buying your first home.