Most of the first-time home buyers landed into the situation where they aren't able to realize the things, and how they are happening, and as soon as they started to understand the things they are into the Escrow. They don't even know how fast the things are happening. So, what you should do if you are first time home buyers?
Most of the times it has been observed the hunt for the home have started much before for this first-time home buyers, and don't even realize it. In the year 2016, the National Association of Realtors reported that about 34% of the total home buyers were first-time home buyers. It was the highest first time home buyers rate in last four years. If you are too a first time home buyer below are the things which you should make to your advantage and need to know.
Benefits For First Time Home BuyersYou must be listening many times from your friends and family that - 'You should buy a home.' So as a new buyer, you must have already been evaluated the benefits of the owner of the home. You have passed that significant burden now, and now you should have your focus on the home buying.
Who Are First Time Home Buyers?
Most of the times it has been seen that first time home buyers are millennials, aged below 34 years. The survey conducted in 2015 by - 'choice home warranty,' showed that about 30% of the all the millennials plan to purchase the home within next five years.
The person who has not bought the home in past three years can be considered as first-time home buyers, and in the same sense bounce-back buyers, those who opted for short sale and foreclosure can also belong to the same category. Logically it can be said that one-fourth of all foreclosure and short sale homeowners are back in the market, and the average is about 150,000 per year.
Search Parameters For The First Time Home Buyers
More than the 95% of the searches for the home starts from the internet. With just a few clicks and few minutes of browsing home buyers can get the thousands of online listings, it also provides them to have virtual tours, and also view the hundreds of the photographs and aerial shots of neighborhoods and homes.
As a home buyer, you must be having your goals, and you are bright with set ideas about the home and neighborhood which you would like to own. And the time when you contact the real estate agent you have many things clear in your mind.
How Long It Should Take To Buy First home most of the times in seller's market, you will get to see only one home, as for one family how many homes do they need to own. Most of the buyers keep looking for the homes for many years, but these are those buyers who are not motivated. But a particularly motivated buyer will find a home within two weeks, and in some cases, it is seen that one or two days are enough to locate the home.
Experienced and good real estate agents will understand the need and requirements of the buyers and will arrange to show only those homes which fit the necessary parameters of the customers.
How Many Homes Should Home Buyer Look Out Before buying you should be in a good mood and have positive mindset before going out for the home-hunt, studies show that you should have a hearty meal and low carb diet before going out to see the homes as it will also increase your memory.
It is found that the average number of homes which buyer see in one day is about seven homes. If the number increases more than that, then it will have pressure on the buyer's mind and overload it with so many thoughts. It is always advisable to have the proper list of the homes which you want to see, you can also opt to see more homes but that only increase your pressure and probably you will miss out some specific details of those homes.
Advice For First Time Buyer To Rate Inventory
Carry your digital camera with yourself while going out for the home hunt and always have clear photographs of the homes which you have seen. You should always have close-ups of home numbers at the beginning of the home series so that you can conveniently make out where the particular series ends.
Make notes of any special features, color, and other design elements. Analyze the surroundings of the home which are looking, also look out for whether there is any double-storied building near your home or any other inconvenient things in the periphery.
After leaving each home, you can start rating them on the scale of 10, as ten being the higher in the rating.
Revisit The Choices You have Made To Buy Your First HomeYou may have to spend few days deciding which are good homes for you and must have maintained the list of your top choices, in this situation it is always advisable that you revisit the choices which you have made before taking the final decision.
It may happen when you revisit those homes you will observe the things which you have ignored in your first visit and also your second visit help you to make the practical decision about buying your first home.
Your agent must contact the listing agent at this juncture to know more about the seller's motivation and can also double check whether the offer has come in or not.
Final Decision To Buy The Home
When you make your final decision to buy the home, it is always preferable that your agent should respect your choice and don't let you skip away with your decision. Apparently, a good agent will also present his thoughts and advice about your choice, but that does not mean he is very eager to point down that you are making wrong decisions if you are comfortable with the basic requirements, surroundings of the home you should always go for it.
Professional and good real estate agent will always motivate the buyer with his decision and if he is ignoring any point or making the wrong decision will explain the situation to the purchaser logically and with certain proofs.