The McKinney real estate market has been on fire for much of 2013, and like many communities in the Metroplex, interested home shoppers have been dealing with intense competition for months. For first-time home buyers, the process can be both exciting and stressful simutaneously. It's understandable! Buying a McKinney home is perhaps the biggest decision you'll ever make. Here are five tips that geared specifically towards first-time home shoppers.
- Attend a Free Seminar: When you're navigating the real estate market for the first time, knowledge is power. So, consider attending a free home buying seminar! They are usually offered by city housing departments and non-profits, and you can learn more about how to shop for a McKinney home, the different kinds of financing that's available, and how to maintain your home once you have the keys.
- Establish a Budget: First-time home buyers need to know just how important it is to establish a budget. Without one, the entire process can spiral out of control quickly. Know what you can afford, and take a look at your current monthly budget to see how much is coming in and how much is going out. Establish a realistic budget that you can shop with, and don't forget to factor in things like home owners insurance, utility bills, taxes, and so forth.
- Make a List of Needs and Wants: Needs and wants are two very different things, but first-time home shoppers often confuse them because they're excited and have always envisioned their home in one way or another. Take a step back and know that you will likely have to make compromises. Make a list that clearly outlines your needs versus your wants. This list should include intangible things too like the neighborhood, school system, proximity to work, etc...
- Research Financing Options: Unless you've been saving to buy a McKinney home for years, you will likely need traditional financing to complete your purchase. There are numerous types of loans and mortgages out there, so it pays to shop around and speak with lenders about your options prior to falling in love with a home. Keep in mind your long-term plan when you're exploring your mortgage options.
- Explore First-Time Home Buyer Programs: Being a first-time home buyer can have a lot of perks, including lower interest rates on some loans, lower down payment options, and down payment assistance. There are a variety of first-time home buyer programs available and they're worth looking into. Consider FHA loans, which offer smaller down payments, and are often more accessible to people without perfect credit.
Interested in purchasing a McKinney home? Our McKinney real estate market update is the perfect place to begin your search. Of course, our expert team of real estate agents would love to assist you, so please contact us today.