7 Tips for First-Time Homebuyers this Spring

photo by realtor.com

With spring in full bloom, it’s the kickoff to the busy housing market. Thanks to this realtor.com article, let’s discuss the top 7 tips for first-time homebuyers to navigate this busy season.

1. Be prepared for competition. Work with a Realtor to help you know your local market, how often homes in your price range go up for sale, if the homes typically sell for over or under the asking price (and by how much), and how fast they sell. If your budget is limited, see if there’s anything else you could offer the sellers to sweeten the deal.

2. Get pre-approved. This letter shows sellers that you’re a serious buyer who should be able to qualify for a mortgage.

3. Don’t wait for the tax credit. It hasn’t been approved by Congress yet.

4. Expect mortgage rates NOT to drop much.

5. Apply for down payment assistance. Buyers can qualify for them based on their incomes, professions, military service, disabilities, where they hope to buy, as well as many other factors. There are over 2,000 down payment assistances to check out.

6. Consider new construction.

7. Negotiate as much as possible. Don’t be afraid to haggle with your seller, builder, or even your mortgage company. You won’t know how much you could save until you ask.