What do First Time Home Buyers need to know before they Buy?

Updated: Aug 30, 2019

Over 1/2 of all home sales this year have been Millennials and GenXers...and over 45% of all mortgages originated were as well.

What does that mean for our real estate market? If the trend continues, and both Trulia.com and https://www.forbes.com/ reports that the trend will continue, considering the number of first time home Buyers increasing every month, and the current inventory of available homes decreasing, the supply will not be able to satisfy the demand of Buyers. As LendingTree’s chief economist Tendayi Kapfidze explains, “There has been an increase in supply compared to last year, but levels are still quite low. Supply is particularly lacking at lower price points.”

At Home Loans, we think that our first time home buying Millennials should consider these

"Must know before you Buy" tips:

1. Take the time to become SuperBuyers...so that you are invincible to any other Buyer's offers while you are shopping for your home. You can do this by getting prequalified over the phone with us--takes about 3 minutes. We will take it from there...

2. Make sure that you're working with a licensed Buyer's Agent--and here is why: Sure, you can see MLS details online anywhere for every listing. But you have to know that the successful defeat of competing other's Buyer's offers, the competent negotiations during inspections and appraisals on your behalf not to mention interpreting title work, managing HOA and adjacent property issues is the work of an Agent working on your behalf. In this market, the Seller pays the Buyer's Agent and the Agent works for you.

In order to determine how to select your Agent, interview them with these questions in mind:

A. Are they experienced in advocating for their Buyers needs?

B. Do they listen to you--about what you want and what you need?

C. Are they a negotiator or a people pleaser? You want the former.

D. Do they do what they say they are going to do? (first check on this is...are they on time?)

E. Do they work for you when you need them?

Just getting in the door of a listing is a sales job...and that means you need a professional.

If you're having trouble finding the ideal Buyer's agent, shoot us a text and we'll find one for you. We are Colorado-Connected and have sold or networked with almost every Realtor Board in the State.

3. Don't get taken advantage of! Make sure that your lender and Agent see everything that is put in front of you to sign. The Inspection Report, the Appraisal, your Loan Docs and Title work are just a start. Surveys and Party wall agreements and the list goes on...

4. Make sure to get a Market analysis on the homes that you love the most before you make an offer...and make sure that the loan that you've applied for will be able to finance those properties. Many first time home loans are property specific. Just ask us.

Lastly...get ready to Buy because we haven't seen these kind of interest rates in years. Get re-qualified with us now if you've been qualified before because chances are--you can qualify for more than before! Text/call or email us and we'll take it from here!

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