SANTA CLARA, Calif.,
June 13, 2019 /PRNewswire/
-- Realtor.com®, the Home of Home Search℠, today
unveiled its top 10 tips and tricks for a successful first time
home purchase from its recently released book, "The Essential
First-Time Home Buyer's Book." This extensive guide provides home
shoppers the essential tips and advice needed throughout every
stage of the home-buying process and is the very first book
published by realtor.com®.
"Buying your first home is one of the most important, daunting
and high-stakes decisions anyone can make, so it is important to be
as informed as possible before getting started," said Judy Dutton, realtor.com® editor.
"Our mission is to equip homebuyers with the most important
information to help make their home buying journey as simple and
successful as possible."
When it comes to buying a home, the 10 must-know, simple secrets
for first-time home buyers from realtor.com® are:
1.
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Identify your home
buying power: Understanding how much house you can afford can
give you a leg up when it comes to buying a new home. Estimating
your monthly housing payments using the realtor.com®
Home Affordability Calculators can help to determine how much
monthly mortgage payment you can afford and calculate a feasible
home price range.
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2.
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Give up
unnecessary expenses and save more: Saving cash for a down
payment takes time. A good way to get started is to trim
unnecessary spending. Find simple ways to save extra cash, like,
skipping the extra coffee and saving that money in a dedicated
account so you can watch your progress. If you struggle to save,
automating the process can help. You can have your employer deposit
some of your paycheck into a savings account or have your bank
automatically deposit money into your savings account.
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3.
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Work with a local
agent: Purchasing a new home is a huge financial decision that
can be fairly complicated. Work with a local real estate agent who
has the experience, negotiating chops, a large network and local
knowledge to help get you through the process to close on the right
home for you.
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4.
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Interview several
real estate agents: It's wise to connect with several agents
before deciding who you'll work with in your home buying journey.
Ask questions like:
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How long have you
worked in real estate?
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How long have you
lived in the area?
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Do you have a team or
do you work alone?
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What's your schedule
like?
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Are you taking any
time off in the next few months?
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5.
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Create a must-have
list and stick with it: Before you begin your search, write
down the non-negotiable features your new home needs - the more
specific, the better. If a home doesn't have everything on the
list, skip seeing it to avoid compromising. For the listings that
do have all your must-haves, document your open house or showing
visits by taking notes and photos of each property so you can
review them later when making a decision on which house has what
you need and ultimately, is right for you.
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6.
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Make an informed
offer: Negotiating can be tricky. Make sure to discuss the
following aspects of your offer with your agent to ensure you have
a complete understanding of the financial implications before you
sign a contract:
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Market price:
Your agent can help you determine a fair price based on your
budget, market dynamics and comparable homes in the
area.
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Earnest money
deposit: Placing a portion of the purchase price in an escrow
account can demonstrate to the seller that you are serious. Just
make sure to discuss the scenarios that could cause you to lose
this deposit.
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Contingencies:
Contingencies are provisions that can allow you to get out of your
contract without losing your deposit under certain circumstances,
such as passing a home inspection or appraisal or securing a loan.
Make sure you understand how they serve to protect a buyer's
interests and what impact they can have on a sale.
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7.
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Avoid saying these
things when buying a home: While the home search can be a very
long process, it's imperative to keep your emotions in check,
especially around the seller or listing agent. To maintain a strong
negotiating position, keep your composure, as over-enthusiastic
potential buyers can wind up overpaying. With that said, avoid the
following statements:
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"This is my dream
house!"
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"That couch is
hideous!"
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"I can afford to
spend this much."
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"I can't wait to get
rid of that."
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"Why are you
selling?"
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"You'll never get
that price."
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8.
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Appeal your
appraisal if necessary: If you've applied for a mortgage, your
home-to-be still has to undergo a home appraisal. Appraisers will
estimate the home's exact value based on home condition, location,
square footage and renovations. If the appraisal comes in lower
than what you have offered, you have options, which may
include:
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Appeal the
appraisal: Appealing can extend the process by a few
weeks.
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Get a second
appraisal: This is an added cost and can extend the
process.
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Negotiate with the
seller: Sometimes a seller will lower the price or help in
other ways.
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Walk away:
You'll likely lose the money already paid for inspections and/or
appraisals, and your earnest money deposit may be at risk if you
don't have an appraisal or financing contingency in your
contract.
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9.
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Follow your home
inspector checklist: Your inspector should be trained to check
your soon-to-be home for any issues. Join your inspector during the
inspection to ask questions and find out hidden details of the
home. Here are some of the main items a home inspection should
vet:
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Structural
issues
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Roof
problems
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Mechanical
issues
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Plumbing
concerns
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Electrical
troubles
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Overall condition and
basic home functionality (ie. windows, doors, vents, lights,
fans)
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Safety - mold,
hazards, faulty smoke detectors
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10.
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Don't break the
deal! Avoid these things: Remember, a sale is not final until
you sign all the paperwork and get the keys, anything you do before
closing could impact the sale. Most states do not have
in-person closing meetings anymore; however, if you do wind up in
an in-person closing meeting, it's best to avoid voicing these
potential deal-breakers:
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"I can't wait to get
all the new furniture we bought."
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"I can't wait to gut
the house."
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"Could you remove
that swing set from the backyard?"
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About "The Essential First-Time Home Buyer's
Book"
Written by the seasoned editorial team at
realtor.com®, "The Essential First-Time Home Buyer's
Book" draws from the top articles written by the company's
editorial team, sourcing information from a network of experts,
which publishes more than a dozen real estate-related articles
every day. It is available now in paperback for $14.99.
About realtor.com®
Realtor.com®, The Home
of Home Search℠, offers the most MLS-listed for-sale listings among
national real estate portals, and access to information, tools and
professional expertise that help people move confidently through
every step of their home journey. Through its Opcity platform,
realtor.com® uses data science and machine learning to connect
consumers with a real estate professional based on their specific
buying and selling needs. Realtor.com®pioneered the world of
digital real estate 20 years ago, and today is a trusted resource
for home buyers, sellers and dreamers by making all things home
simple, efficient and enjoyable. Realtor.com® is operated by News
Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc.
under a perpetual license from the National Association of
REALTORS®. For more information, visit realtor.com®.
Media Contact
Lexie Puckett
Holbert
lexie.puckettholbert@move.com
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SOURCE realtor.com