Follow these tips for a smoother first time buying experience
Cervone Deegan + Associates knows that buying your first home is a big decision and comes with a lot of excitement. At times it can seem daunting but just know it can have the power to change your life for the better. If you are thinking about buying a home in the near future, here are a few things that can help arm you with some helpful information as you search for your dream home.
Consider all housing options due to low inventory
Today’s real estate market has a bigger buyer pool than the number of available homes across the landscape as many are well aware. When this is the case it is smart to consider all of your home style options to open up your options. As an example you might have your heart set on a single family home, but condos and townhomes can sometimes be more affordable especially when you are a first time buyer. Regular maintenance and upkeep are all taken care of for you in a planned association fee.
Calculate your comfortable down payment and add some padding
There is no doubt that a down payment is a good chunk of money, but it doesn’t mean that you have to put more than 20% down. In fact, data from NAR (National Association of REALTORS®) shows that the median down payment has not been more than 20% in over 15 years. In actuality it has been more like 13% which could mean you may not have to save quite as much as you may have originally planned. In addition, there are also some down payment assistance programs and some loan options only require 3.5% down. There is the advantage of not paying PMI with 20% down but check with your lender about what options are available to you and which one is best.
Work with a professional team
When you are ready to begin the process, reach out to a real estate professional such as Cervone Deegan + Associates. We can guide you through the steps of what is required beginning with getting pre-approved with a trusted lender. Next we can discuss your needs and compare that to what the local market trends are showing so that we can locate the best home possible.