Tips for Buying Your First Home in Greater Cincinnati: A First Time Home Buyer's

Posted by Greater Cincinnati on February 24th, 2021

Buying a home can be challenging, especially for a first-timer. After all, there are so many tasks, steps, and requirements, and you may be anxious about making an expensive mistake. First-time homebuyers enjoy some special advantages created to encourage new entrants into the real estate market. 

Steps for Buying Your First Home may vary from state to state and depend on local customs. This article will tell what steps one must follow to find a house of their dreams in their budget. So, keep reading and grab the necessary details.

1. Hire an agent

You don't always have to hire an agent, but doing so will save a lot of your time and probably bring you the best deal you have been looking for so long.

1  Agents are often aware of new listings about to hit the market before they even do.

2  An agent can quickly spot overpriced listings and advise you accordingly.

3  Your agent is likely to offer you a ride when you travel to tour homes. This way, you save your diesel.

4  An agent can show you listings directly from MLS (Multiple listing service) that fit your parameters.

An experienced agent is likely to have a large network, and the larger his/her network would be, the greater your opportunities will be to find a home that suits your requirements. That is why most homebuyers prefer an agent's assistance when buying their first home in Greater Cincinnati.

2. Get a loan

It's not mandatory to have a mortgage broker or bank lined up before buying your first home in Greater Cincinnatior anywhere. Still, it's smart to get loan preapproval in advance. It doesn't guarantee that you'll ultimately get the financing, but it lets you know for sure what you can afford.

FHA loans are the popular first-time buyer loans because the minimum down payment requirement is much less than the conventional loans. But, conventional loans get priority if you think about purchasing a foreclosure.

3. Negotiate the offer

More often, buyers make the mistake of comparing the sales price of a home to other homes they've seen, but this can be a mistake. Sellers can ask for any price they like, and it doesn't mean that the house will end up selling at that price. Moreover, location is the biggest factor when comparing homes because you wouldn't want to travel miles After Buying Your First Home to go to work or supermarket.

An agent can provide comparable sales and pending sales. Comparable sales are similar home types in the same condition and location sold within the past three months. 

Note: A comparison is made not only based on price but also location, age, lot size, square footage, style, and features. 

4. Do a home inspection.

A house inspection is conducted before buying a home under a contract contingency in most states. A contract contingency means the buyer has the right to cancel the purchase if the inspection turns up issues. For instance, you would not want to buy a home that has a faulty foundation.

Therefore an inspection is a must before you confirm the deal. You don't want to find a new issue every day after buying your first home.

We hope we have guided you through the right information, and now you are ready to make the wiser decision.