Celebrate financial awareness month with tips for first-time homebuyers.
The challenge of buying a home for the first time can seem overwhelming. As a prospective buyer, you might think you only have two choices: go with the first house you see that falls in your price range or continue to rent. But that’s simply not true!
To help you demystify the process and get the most out of the purchase, we’ve asked the chairs of Denver’s REALTOR® associations to tell us what they believe homebuyers should consider when purchasing a new home. Here’s what they said.
6 Tips for First Time Homebuyers
1.Make sure your agent is a REALTOR. Have them sit you down and go through the buying process step by step. We provide a home buying guide on our website that I recommend our buyer’s read before our first meeting.
2.Reach out to a lender months before you want to start viewing houses. If you need to repair your credit, the lender can help guide you or send you to someone who can.
3.Ask your REALTOR to explain the market and, given your budget, what your approach should be if you find yourself in a multiple-offer situation.
4.Remember, you will find a home.
5.When you find the perfect home, put yourself in the shoes of the seller. Work with your agent to understand the seller’s “hot button” so you can make your offer attractive to the seller.
6.Share your motivation, wants and needs with your REALTOR. They’ll use those factors to find a community that matches your lifestyle.
Keller Williams Realty
First and foremost, you HAVE TO BE PREPARED. Preparation for a first-time homebuyer is more work than for any other buyer because the first-time buyer has no point of experiential reference. And as obvious as that sounds, it helps.
Here are two important steps for first-time homebuyers:
1.Interview at least three buyer broker REALTOR specialists.
2.Interview at least two reputable lenders outside of your agent’s lender friends. Many first-time buyers don’t take the time to loan shop, and that’s typically a mistake. You’ll be sure to get the best rate if you take the time to shop around.
Other than that, just be cautious. Exclude 90 percent of what you gather from a Google search. There’s simply too much fraudulent information on the internet. If you have a question about something you’ve read, ask your REALTOR to clarify.
Miller Stanley Real Estate
Board Chair, Aurora Association of REALTORS®
Expect Twists and Turns
“This will likely be one of the biggest—if not the biggest—purchases you will make. And, if you didn’t already know, the current Denver housing market is frustrating for first-time homebuyers. There will be twists and turns throughout the process; I urge you to find and work with an experienced REALTOR who is a good fit for you. Not all real estate agents are created equal; do some research up front to find someone who can help you navigate the journey of finding your first home.”
Madison & Company Properties
Chairman of the Board, Denver Metro Association of REALTORS®
Now that you know the most important things to consider when buying your first home, remember to always consult a trusted REALTOR for your home buying and selling needs. Don’t yet have a REALTOR? Contact a local real estate professional via the Find an Agent page on REcolorado.com.