The Place
To Make A Connection
With Your Community

RSS

Top 2 Ways to Buy Your First Home with Less Work and Less Money

Top 2 Ways to Buy Your First Home with Less Work and Less Money

Hi!

When buying your first home in Arlington – or anywhere – there are some fundamental things to put into place to help you get the best home possible for you with the least effort on your part and for the smallest amount of bucks out of your pocket. Here goes!

1. Have a plan. The key components of this are timing, money and who.

-When do you want to buy, and what is this based on? Can there be flexibility in the timing? Flexibility is one of the keys to having more negotiating power when making an offer.

-Where is the money for the purchase coming from? If a loan, get a referral from your agent. They know the best ones. Service to get you to closing, not just a great rate, is important. You need to close on the house in the time you have agreed to in your contract with the seller, so you are not in default. When you say you will buy it on a certain date, the lender needs to make sure all flows well and you can close on that date, with certainty!

A Top Notch Buyer Representative saves you time and money.

A Top Notch Buyer Representative saves you time and money.

-Who is going to lead you to success? Choosing a Buyer Representative is important. A study showed that buyers consider buying a house for an average of 13 months before they select a Realtor. And then guess how long they take to select a Buyer Representative? Only 1 week. And it’s such an important decision to make. What this leads the experts to believe is that, for the most part, not a lot of thought is put by buyers into selecting a great agent, and one that will work well with a buyer’s needs and personality. Some buyers choose to work with the first agent that they meet in public. It’s highly recommended to choose one wisely.

2. Reduce your time spent on searching and buying. Time is money – imagine considering to buy a house and then the interest rates increase to a point that you cannot buy the house you want? Wouldn’t that be a bad thing?

The best time reduction technique or choice is to get an agent to represent you 6 months to a year out from when you want to buy. Let them do the work!

I hear every week from buyers, when I am out in the field working, that they are just checking things out and online, figuring out what they want to buy and where before engaging an agent. That they do not want to “waste” an agent’s time early on to help them determine this.

One, if they help you through the process and work with you until closing, they are paid by the seller when you close on your house. It is their choice as to how they plan to use their time in their business. No skin off their teeth, as the saying goes, huh?

Two, a great agent can determine your needs and wants with a great complimentary consultation in an hour or less.

There is no substitute for a top notch Buyer Representative. If you decide to do the work early footwork of what you think it takes to get started by yourself – which might be ill-informed by online information or what someone might tell you – no fault of your own, this takes a lot of time and work. The information that you find online, that you might elect to use as resources, can be incomplete, incorrect and not up to date. Can one believe all they read on the internet? Note that none of the real estate portals that the public has access to are real time. That’s why perhaps you showed up for an open house that was listed in the MLS as being open, and the unit had since gone under contract and the open house was canceled. Not fun, especially if you planned your day around it – or there was freezing rain – like buyers told me last weekend when this happened to them.

More on timing: There is work that needs to be done to establish your ability to buy a house. For instance, perhaps there is an erroneous item that shows up on your credit report and it takes time to get it removed before you can have a lender look at your true credit score and thereby get the best loan rate possible. A higher rate often means that you will not be approved for as expensive of a house.

I hope this was helpful! If you would like a complimentary hard cover book that we at Keller Williams have designed just for first time home buyers, please let me know. Or ask questions, and I will be delighted to help! Have a great day!

Cheers,
Ken

Tags: , , , ,

Leave a Reply

facebook twitter linked in youtube