June 14 2019
Realtor.com empowers first-time home buyers by unveiling the most powerful, yet simple tips to ask informed questions, learn what you can afford and help seal the deal
SANTA CLARA, Calif., June 13, 2019 -- Realtor.com, the Home of Home Search, today unveiled its top 10 tips and tricks for a successful first time home purchase from its recently released book, "The Essential First-Time Home Buyer's Book." This extensive guide provides home shoppers the essential tips and advice needed throughout every stage of the home-buying process and is the very first book published by realtor.com®.
"Buying your first home is one of the most important, daunting and high-stakes decisions anyone can make, so it is important to be as informed as possible before getting started," said Judy Dutton, realtor.com® editor. "Our mission is to equip homebuyers with the most important information to help make their home buying journey as simple and successful as possible."
When it comes to buying a home, the 10 must-know, simple secrets for first-time home buyers from realtor.com® are:
1. Identify your home buying power: Understanding how much house you can afford can give you a leg up when it comes to buying a new home. Estimating your monthly housing payments using the realtor.com® Home Affordability Calculators can help to determine how much monthly mortgage payment you can afford and calculate a feasible home price range.
2. Give up unnecessary expenses and save more: Saving cash for a down payment takes time. A good way to get started is to trim unnecessary spending. Find simple ways to save extra cash, like, skipping the extra coffee and saving that money in a dedicated account so you can watch your progress. If you struggle to save, automating the process can help. You can have your employer deposit some of your paycheck into a savings account or have your bank automatically deposit money into your savings account.
3. Work with a local agent: Purchasing a new home is a huge financial decision that can be fairly complicated. Work with a local real estate agent who has the experience, negotiating chops, a large network and local knowledge to help get you through the process to close on the right home for you.
4. Interview several real estate agents: It's wise to connect with several agents before deciding who you'll work with in your home buying journey. Ask questions like:
5. Create a must-have list and stick with it: Before you begin your search, write down the non-negotiable features your new home needs - the more specific, the better. If a home doesn't have everything on the list, skip seeing it to avoid compromising. For the listings that do have all your must-haves, document your open house or showing visits by taking notes and photos of each property so you can review them later when making a decision on which house has what you need and ultimately, is right for you.
6. Make an informed offer: Negotiating can be tricky. Make sure to discuss the following aspects of your offer with your agent to ensure you have a complete understanding of the financial implications before you sign a contract:
7. Avoid saying these things when buying a home: While the home search can be a very long process, it's imperative to keep your emotions in check, especially around the seller or listing agent. To maintain a strong negotiating position, keep your composure, as over-enthusiastic potential buyers can wind up overpaying. With that said, avoid the following statements:
8. Appeal your appraisal if necessary: If you've applied for a mortgage, your home-to-be still has to undergo a home appraisal. Appraisers will estimate the home's exact value based on home condition, location, square footage and renovations. If the appraisal comes in lower than what you have offered, you have options, which may include:
9. Follow your home inspector checklist: Your inspector should be trained to check your soon-to-be home for any issues. Join your inspector during the inspection to ask questions and find out hidden details of the home. Here are some of the main items a home inspection should vet:
10. Don't break the deal! Avoid these things: Remember, a sale is not final until you sign all the paperwork and get the keys, anything you do before closing could impact the sale. Most states do not have in-person closing meetings anymore; however, if you do wind up in an in-person closing meeting, it's best to avoid voicing these potential deal-breakers:
About "The Essential First-Time Home Buyer's Book"
Written by the seasoned editorial team at realtor.com®, "The Essential First-Time Home Buyer's Book" draws from the top articles written by the company's editorial team, sourcing information from a network of experts, which publishes more than a dozen real estate-related articles every day. It is available now in paperback for $14.99.
About realtor.com®
Realtor.com®, The Home of Home Search, offers the most MLS-listed for-sale listings among national real estate portals, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. Through its Opcity platform, realtor.com® uses data science and machine learning to connect consumers with a real estate professional based on their specific buying and selling needs. Realtor.com®pioneered the world of digital real estate 20 years ago, and today is a trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com®.