Peggy Pratt's Blog
Submitting a "fair" offer on your dream home may seem difficult, particularly for a first-time homebuyer. Lucky for you, we're here to help you determine what it takes to submit a fair offer on a home that increases the likelihood that a home seller will accept your proposal without delay.
Now, let's take a look at three tips to ensure that a first-time homebuyer can submit a fair offer on a house.
1. Study the Housing Market Closely
Are you preparing to submit an offer in a buyer's market or a seller's market? Ultimately, the current state of the housing market may help you define a fair proposal based on the sector's conditions.
For example, a buyer's market frequently includes an abundance of top-notch residences and a shortage of homebuyers. In this market, you may be able to submit an offer at or below a home seller's initial asking price and receive an instant "Yes."
On the other hand, a seller's market usually features a shortage of high-quality houses and an abundances of homebuyer. As such, you may need to submit an offer at or above a home seller's initial asking price if you want to secure your dream residence.
For first-time homebuyers who analyze the housing market closely, they should be able to differentiate between a buyer's market and a seller's market. That way, a first-time homebuyer can determine fair market value for a residence and submit an offer that corresponds to it.
2. Evaluate Your Homebuying Budget
There is no need to overspend for a house, regardless of the current housing market's conditions. But with a homebuying budget in hand, a first-time homebuyer can resist the urge to pay too much to acquire an outstanding residence.
Getting pre-approved for a mortgage often provides a great option for those who are uncertain about how much they can spend on a home. This budget will enable a homebuyer to narrow his or her home search based on the finances at his or her disposal.
Meet with a variety of banks and credit unions to learn about all of your mortgage options. Then, you can select a mortgage that matches your budget and move one step closer to acquiring a terrific residence.
3. Work with a Real Estate Agent
A real estate agent is a must-have for a first-time homebuyer, and for good reason. This housing market professional can teach you about the intricacies of buying a house and help you submit a fair offer on a residence any time you choose.
Furthermore, a real estate agent will guide you along each stage of the homebuying journey and help you overcome any potential pitfalls along the way. And if you ever have homebuying concerns or questions, a real estate agent is happy to respond to them at your convenience.
Take advantage of the aforementioned tips, and by doing so, a first-time homebuyer should have no trouble submitting a fair offer on a residence.
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There is always an undeniable appeal to move into a brand new home. After all, there shouldn’t be any problems with a new construction home, right? While shiny new appliances and brand new flooring can be appealing, there are many advantages to buying an older home.
It may seem obvious, but older homes are less expensive than newer homes. You might be able to get a bit more for your money if you decide to buy an older home.
Older homes tend to have a bit better quality in their construction. Some aspects of older construction homes cannot even be reproduced with all of the technology that we have in the present day. It’s often true that “they don’t build homes like they used to.” Certain building materials of the past are actually more sturdy than the materials that are used in the present day. Older homes have stood the test of time for a reason!
The Location Is An Established Neighborhood
If you’re not looking to move into an up and coming neighborhood, you could be better off buying an older construction home. You’ll know that a neighborhood has already been established and that people have enjoyed living in the area for years before you got there when you find an older home to purchase. In finding a neighborhood, you’ll look at the important factors like the school district, the walkability of the area and the crime rate. Older homes tend to be in more stable areas. Keep that in mind.
Older Homes Have More Personality
Sure, you could move into a street with new construction and be happy there. Yet, if you move into an older home, you will find a lot of advantages. The landscaping may be more well-established, allowing you to find your favorite features on the outside of the home right when you move in. In a new home, it could take years to establish the same type of curb appeal that you’ll get from moving into an older home.
There’s More Space In An Older Home
An older home may afford you much more yard space and overall square footage. As the world gets more and more developed, space runs short. Older homes were constructed at times when space was at a maximum. These homes were built on larger lots, giving homeowners the advantage of more space.
While you may think that buying a new construction home is the way to go, older homes offer many different things that newer construction homes just can’t bring to the table. Broaden your search and look for older homes, you could be very surprised!