10 Tips for First Time Home Buyers


1. To Rent or Buy… Truly a whole topic of its own.
 Make sure it’s cost-effective to buy. Cities like Miami, Phoenix and Atlanta offer great deals to new buyers while it’s generally cheaper to rent in New York and San Francisco. Colorado has remained fairly stable. It's really your preference. There are many variables to consider; so make sure it's the right move for you.




2. The Right Price
Investigate local price trends and get three solid comparable prices on local houses that have sold in the last three months. 



3. Foreclosures and Short Sales
Understand the terminology and difference between these homes on the market. These deals offer bargain prices but come with special contracts that include added costs for buyers. These are all LEGAL documents; you should always consider consulting a Real Estate Attorney if you have any questions or doubts. While your Realtor® is knowledgeable, we are limited on what we can say or guide you in any particular way. It's your life and ultimately your decision. #BeInTheKnow  4. Pre-Qualify for your Mortgage


Some Realtors won't even show homes unless their clients have been pre-qualified. Time is our most valuable asset, so before you go out and fall in love with a house that’s above your pay grade, have this discussion so you’re not wasting your time. Too many buyers start off buying more house than they need and risk becoming "house poor".


 
5. Shop around for Mortgage quotes

Online sites like Zillow.com’s Mortgage Marketplace keep you anonymous as 15 or so mortgage pros pitch competitive quotes. You can read reviews on the brokers themselves and review all your options. Don't hesitate to explore all your options. It's an investment on your future. #BeInTheKnow