Tips and information for First Time Home Buyers in Orlando, FL

Real Estate Agent with Keller Williams Classic Realty

Francisco Orchilles, Orlando Realtor® | | | 407-925-4552 | Keller Williams Classic Realty

5 tips for the first time home buyers in Orlando

Orlando First Time Home BuyersIt is a perfect time to be a first time home buyer in Orlando and across the nation. Home sales have started picking up steam and house prices have begun to rise, stabilizing the real estate market in Orlando. There are great first time home buyer programs available for qualified applicants, including down payment assistance programs for families that may need a little bit of help. Interest rates are also at historically low rates, which means that homes for sale in Orlando often end up costing much less than rentals. Banks have begun to loosen their lending practices and many people are taking advantage of this. If you are like many other first time home buyers, you may feel a little intimidated by the process. Don't worry, this is a normal feeling and a justified one! By following these tips, you can put yourself ahead of other first time home buyers and increase your chances of buying your dream home in Orlando!

1) Location, Location, Location

  • Location is one of the most important factors when buying real estate in Orlando, FL. It is also the most overlooked feature of the home by first time home buyers because they are usually excited by all the homes for sale and they forget to focus on the location.
  • Often times, first time home buyers will go for the least expensive home without realizing that the home is cheap for a reason! The real estate market in Orlando, FL has very diverse areas and getting the best price on a house is not always the best practice for first time home buyers. Make sure that before you make an offer on a home, you research crime statistics and get to know the area so you can determine if that is the home that you really want to buy!

2) Hire an Orlando Realtor®

  • First time home buyer's are not prepared for all the ins and outs of a real estate transaction when they purchase their first property in Orlando. You would seek a out doctor, or a lawyer, if you were very sick, or needed legal advice, wouldn't you? Why would you not hire a professional for the purchase of your first home?
  • Many first time home buyers do not realize that an Orlando Realtor's® commission is paid for by the seller of the home that is in question. They get expert advice and help when buying their home for FREE!
  • Make sure that the real estate agent that you hire in Orlando is qualified. Ask him the questions that matter most to you and ask them how many homes they have sold in the past year. Every good Realtor® should have at least one client review and all the best Realtors® will provide them to you before you ask!

3) Look past the clutter

  • It is common for first time home buyers to lose interest in buying a home if it does not look exactly like the vision they have in their minds. They will pick apart a house because of some ugly wallpaper, the wrong wall color, or the 80's inspired decor without realizing that they may be giving up their dream home because of very easy and superficial fixes.
  • Try and imagine your own furniture, decorations, and personal touches throughout the potential home. Every home for sale in Orlando has great potential and could turn out to be your perfect home if you can give your imagination a chance.

4) Compromise

  • There is no such thing as a 100% house. One of the biggest mistakes that first time home buyers make when looking at homes for sale in Orlando, is passing on a property that has 90% or 95% of the things that they were looking for, expecting to find something with 100% of what they want. This is unrealistic and often leads to the buyer having to settle for a home with less of what they want.

5) Get pre-approved

  • If you wait until you find the perfect home to start the financing process, it may be to late. Getting a pre-approval letter before you start viewing houses will ensure that you are able to make an offer that will be a contender when you find the right home.
  • Having a pre-approval letter ready not only proves to home sellers in Orlando that you are serious about buying their property, it will also give you a guideline of what price range you can be looking in. Sometimes first time home buyers think they can afford much less or much more than what reality would dictate. Having a pre-approval letter will eliminate all doubt and will allow the home buyer to focus on homes in the right price range.

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About Francisco Orchilles

Francisco Orchilles is a Realtor® who specializes in First Time Home Buyers with Keller Williams Classic Realty in Orlando, FL. Ask Frank a real estate question. You can also find Frank on Trulia and Zillow!

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Comments (1)

Charles Stallions Property Manager
Charles Stallions Real Estate Services - Pace, FL
Pensacola, Pace & Gulf Breeze Property Management

Very good and timely post Francisco, a word to the wise buyers is to read and re read this very helpful post.

Jan 04, 2013 11:15 AM