It’s no secret that in the current housing market, the demand far outweighs the supply. While this may seem discouraging to the first time homebuyer, here are some tips to make your 2021 house hunt a success!
This article is the first in a two-part series. In part one, we’ll address steps a first-time home buyer can take before meeting with an agent.
For eager first time buyers, it can be tempting to pick out a dream home online before even speaking to a mortgage broker. Tighter restrictions on lenders during the pandemic remain in place, and so getting a preapproval from a lender should be the first stop for any potential homebuyer.
Preapproval shows sellers that a lender has verified your finances and creditworthiness and you’re ready to move.
Talk to a friend who has recently sold a home, especially in areas that have become real estate hot spots, and you’ll hear stories about homes being sold far above listing price, sometimes with a seller receiving dozens of offers in record time.
When you start your initial search, be sure to budget in that you may need to bid above the list price for a home in a fast selling area. Being mentally prepared for the realities of the current market will allow you to be competitive while keeping expectations realistic.
It’s not uncommon for first-time homebuyers to borrow money to make a down payment. If a family member is helping with the down payment by making a gift, they may need to provide a letter to make it clear to the lender that this is money that is not meant to be repaid.
Mortgage brokers will often ask for bank statements, and they will want to know where the money is coming from and to verify any sources of income.
Whether you are looking to buy your first home, or looking for an agent to help you sell your current home, SetSchedule allows you to connect with real estate professionals in your area. SetHello calls can connect you to a real estate professional right away, and SetSchedule’s uses advanced machine learning along with dedicated SetSchedule Concierge service to aid you in finding the best-fit local agent
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