First Time Buyers Pre-game Huddle

By
Real Estate Agent with Real Estate One 6501379924

In Southeastern Michigan we're experiencing a market heavily in favor of sellers. I've had clients outbid on numerous homes for thousands of dollars. This is ultimately a very frustrating experience for buyers that have found a home they love. If I could give first-time buyers some advice as a Realtor, I would say first and foremost get approved for your loan before you find a Realtor. Don't even waste your time looking at homes on the internet until you know what you can afford. Furthermore, make sure your approval is from a reputable lender, some lenders give anyone with a pulse a pre-approval based on nothing more than a credit report. It's not a bad idea to get more than one pre-approval just in-case something falls through. Secondly, first-time buyers usually don't find a home they love everything about, so be prepared to negotiate some of those wants on your wish-list. The more time you waste trying to the find the perfect home, the closer you get to being without a new home at all. When sellers are receiving multiple offers, it's important to pull the trigger in a timely manner. The home you kind of liked last week, will be gone by the time you reconsider. Because your a first-time buyer, keep in mind that your probably going to live in this home for 4 or 5 years and move on. I know this may sound ridiculous, but people build "Dream Homes" only to realize that they need a change in the future. So, don't get stuck in the emotional stage of buying your first home. As the old saying goes " If you snooze you Lose".  Lastly, be prepared to counter-offer. Bidding on your first home could turn into a war very fast. Hopefully, you have an agent that will be prepared to negotiate the best terms possible for you. If your looking for a home in Southeastern Michigan give me a call. Darrin Rawls 248-952-4948!!!!!

Comments (2)

Jill Winchel
Royal Shell Real Estate - The Koffman Group - Cape Coral, FL
We make it easy. You make it home.

Good advice for buyers, Darrin, and not just first-time buyers. I struggle with getting my buyer clients to get pre-approved prior to looking at homes. They don't think it is necessary but they are so wrong. Welcome to AR.

Jul 20, 2014 12:04 AM
Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

So true, Darrin. Getting approval and knowing how much house you can buy is so important. Don't go shopping until you have that information. And once ready to shop, hire the right Realtor - you'd be the one to call in your marketplace. 

Aug 18, 2014 03:31 AM