First Time Home Buyer Tip #1: Find A Good Buyers Agent
Find a Portland Realtor® who has experience helping first time buyers in Portland -- preferably a Buyers Agent. Better still try to hire an Exclusive Buyers Agent. Exclusive Buyers Agents work ONLY with Home Buyers, never sellers!
Find an Portland agent who is simpatico, someone who is not going to cause unnecessary drama. First time home buyers are not only making a financial commitment, but also an emotional one. It’s critical, especially if you're buying a home for the first time, that your Realtor® is both skilled and experienced with first time home buyers.
The U.S. Dept. of Housing and Urban Development “Shopping for Your Home” has a section (found on Page 6) which talks about the BUYERS’ RESPONSIBILITY in shopping for a house:
“Role of the Real Estate Agent or Broker Frequently, the first person you consult about buying a home is a real estate agent or broker. Although these agents and brokers provide helpful advice, they may legally be representing the interests of the seller and not yours. . .
It is your responsibility to search for an agent who will represent your interests in the real estate transaction. If you want someone to represent only your interests, consider hiring an “EXCLUSIVE BUYER’S AGENT”, who will be working for you."
First Time Home Buyer Tip #2: Now is the Time to Buy a Home
Always remember: There’s no “right” time for first time buyers in Portland to buy a home, any more than there’s a "right" time to sell. If you find a home now, don’t try to second-guess the interest rates or the housing market by waiting. Changes in the housing market don’t usually occur fast enough to make that much difference in price and a good home won’t stay on the market long. As your Buyer's Agent I know the current market and can keep my finger on the pulse for you.
Please see my recent post: What First Time Buyers Need to Know
First Time Home Buyer Tip #3: Don’t Ask For Too Many Opinions.
Hard as this may be to hear . . . your parents, or your sister's brother-in-law's uncle probably aren't licensed Realtors®. And although it’s natural for first time buyers to want reassurance for such a big decision, too many opinions and outside static will make it much harder for you to make your decision. I've sold homes since 1999 and have closed 100's of transactions, well over. I will be able, and happy to, answer your questions and address all your concerns.
First Time Home Buyer Tip #4: Accept That no House is Perfect
Focus on things that are most important to you and let the minor ones go. As a first time home buyer in the Metro Portland market, chances are you will have a price point: a price that you will feel comfortable with in making a purchase.
The price point for many first time buyers may be modest and conservative and homes will reflect this. Think long-term and think about projects you can do yourself. Sweat equity goes a long way!
First Time Home Buyer Tip #5: Don’t Try to be a Killer Negotiator
Negotiation is definitely a part of the real estate process, but trying to “win” by getting an extra-low price, or too many seller concessions may alienate the seller. Ask me about my horror stories . . . when first time buyers "negotiated" too much and killed their own deal, losing out on the house they really wanted to buy. If you try to be a "killer negotiator" you may just end up killing your deal. Again . . . ask me about my horror stories!
First Time Home Buyer Tip #6: Remember Your Home Doesn't Exist in a Vacuum
Don’t get so caught up in the physical aspects of the house itself—room size, kitchen—that you forget such issues as amenities, noise level, etc., that impact the livability of your new home. While they say "Location, location, location," there are also other aspects of your home aside from location that first time home buyers should pay close attention to. Commutes are a rather important consideration.
First Time Home Buyer Tip #7: Don’t Wait Until You've Found a Home to Get Approved for a Mortgage
Presenting an offer contingent on a lot of unresolved issues will make your offer much less attractive to the sellers. There are many good programs available for the first time buyer, the Oregon Bond Program being one. It's best to find out what you qualify for when buying your first home.
First Time Home Buyer Tip #8: Factor in Maintenance and Repair Costs.
If you're using me as your first time buyers agent, I will most likely do a splendid job of getting the repairs addressed during the repair contingency of your home purchase contract. But, when the home is yours, YES you will have some post-home buying budget concerns. Again #4 above, and you will want to add your personal touches. This is especially important to first time home buyers. Even if you buy a new home, there will be some costs. Don’t leave yourself short and let your home deteriorate. I can help determine deferred maintenance costs.
First Time Home Buyer Tip #9: Accept That a Little Buyer’s Remorse is Inevitable
First time buyers will always have a few "Are we doing the right thing?" thoughts. This is natural and will probably pass very quickly. When you buy a home you should have the "We ARE doing the right thing!" thoughts . . . otherwise, don't buy a house! Again, especially true if you're a first time buyer. Buying a home, especially for the first time, is a big commitment, but it also yields big benefits. I bought my first home I was 19 . . . many, many moons ago. Please talk to me personally about your trepidations.
First Time Home Buyer Tip #10: Choose a Home Because You Love It and It Meets The Majority of Your "Wants" and "Needs"
THEN, and only then, think about appreciation. While U.S. homes can appreciate nicely if purchased correctly (not buying over your budget, not buying in a hot seller's market, etc.) your home’s most important role is as a comfortable, safe place to live and call home! Unless you're an "investor" your home should be just that! But if you're a first time home buyer, your home should be where you love to live.
Follow These First Time Buyer tips and I'll soon be saying . . .
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