Buying a Home for the First Time
Though real estate is a highly local phenomenon, today’s market is still moving fast with regard to buyers facing stiff competition in many cities around the country and buying a home for the first time or even second time requires being on the ball and fully prepared.
My business partner Marty Snyder and I counsel buyers that “want to sleep on it” greatly increases the chance (in most markets) that another offer will be presented and accepted or find themselves in a multiple offer situation and resultant bidding-war when the call for "highest and best" goes out.
One of the things that can hinder buying a home for the first time is too great an expectation of deep discounts.
Currently around SW Ohio and the greater Cincinnati area, for instance, looking at asking vs sold prices, you can see a discount of 2-4%. That will likely change somewhat when we swing back to a full blow buyer’s market should we experience another real estate market crash.
Occasionally, a home is priced extremely well, but consult with your Realtor about how much to offer but also how to make the offer more attractive.
Another frustrating thing that can hurt your chances of buying a home for the first time and accomplishing two goals – landing the home you want and getting a decent price, is the responsiveness and timeliness of your buyer’s agent (never call the listing agent, they promised the seller to net as much as possible from the sale.
Make sure you review and investigate who you choose to work with, testimonials and reviews are everything. You want to see lots of recent good reviews and lots of sales. You don’t want to use an agent that is a hobbyist or “sunshine agent”.
Lastly, pre-approval is everything as no seller will entertain an offer that is financed without this document from a licensed mortgage lender.
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