Found 4 blog entries tagged as buying a home.

Top 10 Mistakes to Avoid for First-Time Homebuyers



Highlighting the common pitfalls of first-time homebuyers, we dive into practical aspects like the importance of a thorough home inspection, smart strategies for home purchasing, the potential downsides of aiming for a higher down payment, and the value of first-time buyer counseling sessions. We also cover the need for creative problem-solving, the risks of buying older homes without reserves, and the often-overlooked process of claiming a homestead exemption. Wrapping it up, we share insights into why reading reviews is crucial when selecting a real estate agent and the perks of choosing a real estate team over a solo agent.

1. Not Getting a Home Inspection

Many first-time homebuyers have…

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Housing Prices Dropping

We finally have some good news to report for buyers! Nationally, nearly one out of five home sellers have dropped their listing price for the four weeks ending May 22nd. According to Redfin, this is the highest number of price drops since 2019. This is good news for buyers because sellers are having a harder time pushing up home values, which is evidenced by the increase in price drops.


Locally we're starting to see this in the higher price points, especially above $650,000. Before buyers get too excited though, it's important to note that 40% of homes nationally had a contract within one week and 55% within two weeks of all homes that sold. Homes also had a median national average of 15 days on market, which is down…

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Mortgage Contingency Clause Explained

The Mortgage Contingency Clause makes the real estate purchase contingent upon the buyer getting a specific loan. The type of loan could be a conventional loan, USDA, FHA, or a VA loan. The contingency is typically written towards the top of the contract: what loan, what loan type, and then also the amount on the loan itself. There are certain types of loans that make it more advantageous to the seller and so that is part of the negotiation packages.

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Buying a new home can seem like a daunting task. By breaking down the process into steps, and making a plan it can help ease how overwhelming it may seem. To more easily get you on the road to homeownership!

 

Here are 7 Steps to Buy Your New Home:

  1. Save for a down payment

The first step to owning your new home should be preparation. Getting in the best financial shape possible before starting your home search will allow your process to go smoother. Most financial advisors recommend you save up at least a 10% to 20% down payment for your new home. Other factors you can begin thinking about include whether you would like to do a 15 year, 20 year, or 30 year mortgage, which have different pros and cons.

  1. Get pre-approved for a…

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