Smart real estate advice for first-time homebuyers

Whether you’re buying or selling a home, there’s a lot to think about. And if it’s your first time in the real estate market, sometimes you don’t even know what you don’t know. It’s natural to have many questions about where to start or what the best strategy is. If you’re looking for real estate advice to purchase or sell your next property, this guide will point you in the right direction. Here are some tips for both homebuyers and sellers to help you get started.

!. Do your due diligence  : 

Start by figuring out how much house you can afford, what real estate agent you want to work with, and what you’re looking for in a home.

Check out Credible to search a nationwide network of more than 90,000 real estate agents.

Getting prequalified for a home is an excellent way to determine a base home price you can afford. But keep in mind, you may get prequalified for a home that’s actually out of your price range. It’s helpful to know how much a lender will prequalify you for, but remember, only you can understand how much you can afford within your monthly budget. Consider what else you need and want to spend your money on, so you’re not “house poor” with a mortgage that’s taking up too much of your income.

Also, understand that this isn’t a time for radical changes. When underwriters review your loan application, they want to see a picture of stability. With that in mind, don’t change jobs, buy a car, open more credit accounts, or make any major money moves when you’re looking to buy a house.

2. There’s no perfect time to buy a house:  While real estate experts have plenty of data about the market, keep in mind that there’s never going to be one right time to buy a home — so don’t get discouraged by the current market. The market is fluid, and the only thing certain is change, so “timing the market” may be a futile exercise.

3. Target homes on the lower end of your budget: By considering properties below your price limit, you’ll have extra room in your budget to make counteroffers in a competitive market. You’re also more likely to present an acceptable offer to sellers if the home fits comfortably within your budget.

4. Make an offer earlier in the week: You may get a better deal by making an offer on a Monday, Tuesday, or Wednesday when there’s significantly less competition than on the weekends. Realtors typically don’t hold open houses during the week because homeowners are busy with work and their children’s schedules. Since sellers are less likely to get showings and receive offers on a Monday, Tuesday, or Wednesday, they may be quicker to review and negotiate your offer on these days than on weekends.

5. Keep a poker face when touring homes: When you find a home you think could be “the one,” it’s natural to get excited and share your enthusiasm with your agent. But if the owner or their agent is within earshot, you could lose some negotiating power.