5 First Time Home Buyer Tips

Whether you've spent years saving to buy a home or you're not sure if it's something that's even realistic for you, the questions surrounding a "first-time" home purchase can feel quite overwhelming.  Here are a few tips to help you figure it out.

1.  Get "pre-qualified" for a loan.
Being pre-qualified for a loan determines how much house you can afford.  It will also allow you to move more swiftly when you find the right house, especially if there are others interested in the same property.

2. Shop for mortgage rates and terms.
A difference of even 1/2 of a percentage point can make an enormous difference in how much you pay over the life of the loan.  For example, the difference in a monthly payment on a $100,000 loan at 8% vs. 7.5% is about $35 per month.  Over 30 years, that's $12,600.

3. Use a Buyer's Agent.
A buyer's agent is legally bound to represent the buyer's best interest in a real estate transaction.  Generally the buyer's agent is compensated by the seller at the time of closing.  There are some limitations to using a buyer's agent, however.  Before you decide, have a Realtor explain the advantages of using a buyer's agent.

4. Determine features that help or hurt resale value.
In some areas, a pool actually detracts from a home's value and makes the home harder to sell.  In a neighborhood with mostly 2 car attached garages, a single car or detached garage may have an impact on the sale and future value of the property.  Your Realtor can help you determine which features would be most beneficial.

5. Rate the houses you tour.
After touring each home, write down what you liked most and what you liked least.  Develop a rating system that will help you narrow the field down to "your best choice".  Don't be afraid to look at several homes.  Be sure to take a "second look" at the 2 or 3 homes that you liked most and eliminate all others.

Please feel free to call me, Ken Gordon, for more information.  (321) 684-9900  I'm your Realtor, I work for you.

When Is a Real Estate Agent a REALTOR®?

A real estate agent is a REALTOR® when he or she becomes a member of the NATIONAL ASSOCIATION OF REALTORS®, The Voice for Real Estate®, the world's largest professional association. The term "REALTOR®" is a registered collective membership mark that identifies a real estate professional who is a member of the NATIONAL ASSOCIATION OF REALTORS® and abides by its strict Code of Ethics. 
 
Founded in 1908, NAR has grown from its original nucleus of 120 members to more than 1 million today. NAR is composed of REALTORS® who are involved in residential and commercial real estate as brokers, salespeople, property managers, appraisers, counselors, and others who are engaged in all aspects of the real estate industry. 
 
Members belong to one or more of 1,700 local associations/boards and 54 state and territory associations of REALTORS® and can join one of our many institutes, societies, and councils. Additionally, NAR offers members the opportunity to be active in our appraisal and international real estate specialty sections. REALTORS® are pledged to a strict Code of Ethics and Standards of Practice.