Sep 11, 2013
If you’re preparing to enter the Wake County real estate market for the first time as a home buyer, congratulations! This is a great time to buy, especially for first-timers.
After all, interest rates are at near record lows and home prices are lower than they’ve been in years.
When you enter the market in Wake County, I recommend following three suggestions to ensure a pleasant experience.
What To Do as a First Time Wake County Home Buyer
Here are the Three Things I recommend to all first-time home buyuers:
Hire an Agent. An agent can provide you the years of expertise and knowledge that are needed to smoothly navigate the market. They can send you listings that match your criteria, give you a heads up about homes for sale not yet listed, and even preview homes for you. And when you find the home you want to buy, an agent will walk you through the sometimes complicated home-buying process, which includes inspections, appraisals and loan approvals. Not fun if you’re a first time home buyer walking through all of that alone!
Negotiate a Purchase Offer. Once you’ve found the home you want to purchase, make an offer. It may be tempting to lowball the seller because of your knowledge that this is currently a home buyer’s market but we don’t recommend it. The market is picking up and you don’t want to lose out to a second buyer willing to make a reasonable purchase offer. Still, have a conversation with your agent to see what is both reasonable but beneficial to you as the buyer.
Get a Loan. Next, you’ll want to secure a loan. That is, unless you’re planning on bringing all cash to the table. For first-time home buyers, FHA loans tend to be the most popular because of the minimum down payment required but there’s always conventional loans as well. Whatever loan you choose, be prepared to explain your income and to provide such documents as your previous bank statements, pay stubs and more.
Complete a Home Inspection. This is to ensure that you know what you’re purchasing before you sign all of those forms as closing. Sometimes seller’s may not want to make certain repairs, at which point you can decide if you still want to be involved with the contract. But hopefully the sellers will be reasonable with any major problems discovered with the home.
Your Wake County REALTOR
I hope you found these tips helpful as a first-time home buyer.
For all of your home buying needs – and to inquire about available Wake County listings – please contact me, Rachel Kendall, and my team of real estate experts.
Until next time,