Long Island Real Estate Market - First Time Buyers Are A Pleasure! by Jackie Connelly Fornuff Babylon New York

By
Real Estate Agent with Douglas Elliman Real Estate in Babylon NY

I had the pleasure meeting a newly married couple this past Thursday night for a little over two hours. Didn't feel like two hours though because it went fast! And it's probably because we connected right away and they were super nice to say the least! And they were so adorable together :)

They are first time home buyers. Not sure what they want. Single-family home? Condo? Co-op? Foreclosure?

I advised them to get pre-approved for a mortgage first so they know what their price range will be and we can take it from there. If they didn't know what their price range is, then they can see homes, fall in love with something only to find out they won't be able to afford it and we will have hearts broken. Then mine will break for them because I didn't do my job and now I'll have lack of sleep and I will not be easy to live with, lol.

They asked a lot of great questions. 1 they asked, "what type of person buys a condo or co-op?" Great question and that tells me they are thinking hard. I told them that type of housing can be for retirees, a single career person, newly divorced, etc. There are people also that do not want to be bothered with mowing the lawn (me), shoveling snow (me again), extensive outside repairs (definitely me!), etc.

I asked them if they planned on having children and they said in about two years or so. So, I told them when we go and look in a few weeks, to keep in mind that you may want a home to grow into and not a smaller home where you may have to sell in 4 or 5 years.

Once they get pre-approved, I told them we will start off slow to get their feet wet. I will show them 2 foreclosures, 2 single-family homes, the condos in the Babylon Village area and also some co-ops. I told them that if I show them too many at one time, their heads will spin and they won't remember anything about each home they see.

So, to all of you first time home buyers, here is some food for thought:

1.   Work with an agent that will be your Buyer Agent. You have to sign a Buyer Agreement and that means your Agent will work for you, and not the seller. The seller still gets fair and honest treatment but you will be the Agent's clients.

2.   Make sure the Agent you work with will be willing to take his or her time with you. Buying a first home can make your head spin so make sure your Agent is willing to hold your hand.

3.   Get Pre-Approved for a mortgage so you know what you can afford ahead of time. If you do not, then your Agent could show you homes you can't afford and in the end you will get your heart broken.

4.   Once you narrow down what type of home you want, sit down with your Agent and do a checklist of what you want and what you don't want. This way, your time will not be wasted.

5.   Lastly, have fun with it!

 

Comments (2)

Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo and Home Specialists

Jackie...All great advice for 1st time homebuyers especially signing a buyers agreement with  broker of choice! 

Nov 14, 2009 09:16 AM
Jackie Connelly-Fornuff
Douglas Elliman Real Estate in Babylon NY - Babylon, NY
"Moving at The Speed of YOU!"

Absolutely Larry or Sheila?? :) Thanks for the comment too! :)

Nov 14, 2009 09:30 AM