First Time Home Buyers

You can hardly contain your excitement and have worked hard to save money for years. Now you are ready to buy your first home but wonder where to start.

First time home buyers made up 32% of all home buyers in the United States in 2015, according to the National Association of REALTORS. First time home buyers are generally younger, tech savvy buyers who are aware that home owners have 45 times more net worth when compared to those who rent and they are ready to join that elite group. They know that by purchasing a home they will likely have income tax benefits with home ownership, build equity over time, avoid potential rent increases, and build their credit.

Where should you start? Your first call should be to a REALTOR®. Call Gulf Shores Realty at 941.488.6644 for the best REALTORS in SW Florida. Often, buyers want to do a little research first but tend to meander aimlessly. A REALTOR® can guide you step by step though the buying process while saving you time and money. Agreed, you can do some of your own research via real estate websites and roll the dice. Your REALTOR® can advise you which websites have current and accurate information, as many do not. It is naive to think you can spend a couple of hours looking at Zillow and have the expertise of an experienced REALTOR®. There are a myriad of companies that will provide the services needed to select, finance, and complete the purchase of your new home. Your REALTOR® will be your Conductor who will orchestrate the entire process for you.

Your REALTOR® will suggest a lender if you don’t already have one. They generally know the ones with a reputation of fair play, competitive rates, and who close the transaction on time. Local lenders are usually preferred over out of state lenders who may not be as fluent in rules and processes in Florida which can sometimes create delays in closing. After all, it is much better to know your lender personally, know where their office is, and be able to figuratively place your hands around their neck if they don’t close you on time. There are a variety of programs designed for first time home buyers such as down payment assistance, veteran programs and more. Some of these programs have income minimums and caps.

Your lender will pre-approve you based on the information you provide, which will later be verified, so you know how much house you can afford. They will provide you with a Pre-Approval letter which your REALTOR® will need when presenting an offer. This will show the seller you are a serious buyer and they will take your offer more serious.
The next step is to meet with your REALTOR®. They will educate you on the buying process, current issues in real estate and determine your wants and needs. This is the time to be completely open about your likes and dislikes. This is your opportunity to describe your perfect home and let your REALTOR® help you find it. Your REALTOR® will create a custom search from the Multiple Listing System. This is far superior to third party websites because the data is real time. If a home is listed late in the afternoon, you will be alerted instantly if it meets your criteria. Once you have selected a few homes, your REALTOR® will schedule appointments and take you shopping. This is the fun part.

By now, you are getting the point. A REALTOR® is an invaluable asset to first time home buyers and should be called at the very beginning of the process. Since the Seller typically pays the real estate commission, the services to the buyer are without cost. Call Gulf Shores Realty at 941.488.6644 today to get started or plan your happily ever after.