Are You A First-Time Buyer?

By
Real Estate Agent with Keller Williams Realty Evolution - Topsfield, MA 92593-B

The Real Estate market has been crazy for the last couple of years and first-time buyers are wondering if they're being priced out of the market. I can't blame them for having that viewpoint. But listen up! There are things you may want to do or look into before you give up the search or lose all hope. 

The infographic below is rudimentary but helpful. The first thing to do is hook up with a Real Estate Professional. They will be able to guide you through the waters and suggest some things you may not know about, such as first-time buyer assistance through State programs. Here in Massachusetts, we have a First Time Home Buyer program

https://www.mass.gov/service-details/first-time-home-buyer-fthb

MASS HOUSING is another agency/program

https://www.masshousing.com/

You could get (for example only) $35,000 to $50,000 to help with a down payment.

The next thing to do is find a banker/mortgage broker since they will be able to help you with finding the right mortgage for you. If you're a Veteran there is the VA Mortgage, 100% financing. Or, if you live in an area designated as rural by the USDA you may qualify for a 100% mortgage. 

Also important is your credit score. Do your best to clean up that score. Payoff some or all debt if possible. You may even need to cut down on expenses just to sock away a little more money toward a home purchase. Sometimes parents or relatives may be willing to assist with a gift. 

Being willing to consider all options. Have a 1st, 2nd, and 3rd destination community you would live in. Maybe a smaller-than-desired home as a 1st house. You can always move up later. Maybe even a condo, but, be very aware of the condo fees. Remember, markets go up and markets go down. The same with interest rates.

Most of all, be patient and do hire a Professional Realtor®. Good luck and happy house hunting.

 

Tips For First-Time Homebuyers [INFOGRAPHIC]

Tips For First-Time Homebuyers [INFOGRAPHIC] | Keeping Current Matters

Some Highlights

  • If you’re trying to buy your first home in today’s housing market, you’ll want to know what you can do as mortgage rates rise and inventory stays low overall.
  • Connect with a lender to get pre-approved, prioritize your wish list, consider condos, and expand your search radius.
  • Your first home is out there. Work with a trusted real estate professional to explore your options and what other first-time buyers are doing to find their homes.
Posted by

I pray that God our Father and the Lord Jesus Christ will be kind to you and bless you with peace

2 Thessalonians 1:2

 

Doug Dawes REALTOR®, AWREP, LMC

Broker Sales Associate

KELLER WILLIAMS REALTY - Topsfield/Newburyport

49 Main Street
Topsfield, MA 01983
 978-887-3995  ~ Office
 978-270-3037  ~ Cell
 DougDawes@KW.com

Comments (16)

Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

It is important to check with the local lender about the down payment assistance for the first time buyer. In Los Angeles it is 140k. 

Oct 17, 2022 03:48 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Awesome advice to first time Home Buyers Doug, hope they are reading this and reaching out to you, Endre

Oct 17, 2022 10:48 PM
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker/REALTOR® - Kalispell, MT
Helping your Montana dreams take root

Good advice. First time home buyers should definitely reach out to a skilled mortgage professional to get advice on how to repair credit scores, what kind of mortgage would work, and more. Preferably way before they are ready to house hunt!

Enjoy your day.

Oct 18, 2022 05:44 AM
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Hi Doug - the main take away is to find a trusted advisor like yourself to guide them through the process.

Oct 18, 2022 06:08 AM
Doug Dawes
Keller Williams Realty Evolution - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Good Morning Inna Ivchenko 

Yes, every area of the country is different so it is important to check your area my example was for Massachusetts

Oct 18, 2022 06:38 AM
Doug Dawes
Keller Williams Realty Evolution - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Good Morning Endre Barath, Jr. 

If people buying or selling would only hire a RE Professional first they would sidestep many potholes

Oct 18, 2022 06:40 AM
Doug Dawes
Keller Williams Realty Evolution - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Good Morning Kat Palmiotti 

The operative words in your comment "way before they are ready to house hunt"

Oct 18, 2022 06:42 AM
Doug Dawes
Keller Williams Realty Evolution - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Good Morning Grant Schneider 

Buyers and Sellers should always seek professional services to guide them through the processes

Oct 18, 2022 06:43 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Doug, great information for first-time buyers.   Many have been pushed out of the market.

Oct 18, 2022 07:20 AM
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good evening Doug. Where there is a will there is a way! A good mortgage loan officer is the perfect start! Enjoy your evening!

Oct 18, 2022 04:32 PM
Doug Dawes
Keller Williams Realty Evolution - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Hi Joan Cox 

Yes many have been pushed out and may have to wait for the downturn

Oct 19, 2022 09:20 AM
Doug Dawes
Keller Williams Realty Evolution - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

There are so many different ways to get into the market Wayne Martin  and a good mortgage broker can be very helpful

Oct 19, 2022 09:22 AM
Diana Dahlberg
1 Month Realty - Pleasant Prairie, WI
Real Estate in Kenosha, WI since 1994 262-308-3563

This post is great for First Time Homebuyers ---  giving them the options available to them.  Thank you for sharing this valuation information Doug Dawes 

Oct 22, 2022 01:41 PM
Doug Dawes
Keller Williams Realty Evolution - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Hello Diana Dahlberg Thank you for reading and posting. If only all first time buyers would seek the help of professionals FIRST

Oct 22, 2022 04:48 PM
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

Doug Dawes - First Time Home Buyers will reap rewards! It's about time the tables have turned for buyers. All they need is the right lender and YOU!

Oct 26, 2022 03:32 AM
Doug Dawes
Keller Williams Realty Evolution - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Good Morning Patricia Feager, MBA, CRS, GRI,MRP 

Markets always go up and go down. That's why both sellers and huyers need the services of a professional Realtor®

Oct 26, 2022 05:32 AM