Tips for First Time Home Buyers

Buying your first home is a very exciting time, but first-time homebuyers can also feel a bit anxious if you do not have all the information you need or are not fully prepared for all the costs necessary to buy a home.

 

Here are some things to consider to help you be prepared for your big move.

  • First and foremost, determine a realistic amount for how much you can afford.Consider your current monthly budget, leave room for miscellaneous home costs and repairs, like HOA fees, taxes and insurance. Then determine the amount you can afford for a house payment, considering what percentage of your take-home pay can be used.

 

  • Pay off all debt. Carrying debt will not only decrease the amount you will qualify for but can also add stress to your monthly bottom line
  • Save for a down payment. Having 20% down is ideal, that will get you into a position of not having to pay Private Mortgage Insurance (PMI).
  • Save for closing costs. Typically, closing costs are 3-4% of the purchase price. Once you have a good idea of the home price, you can get to this number easily.
  • Loan pre-approval. Once you have paid off debt and saved for closing cost, it is a good idea to have a lender pre-approve you for a loan. This will help expedite the closing process and give you an idea of what amount you actually qualify for.

 

  • When it comes time to finding the perfect house, research desirable neighborhoods to find the best fit.

 

  • Hire a real estate agent that can help you navigate the maze of open houses and do all the necessary paperwork!

Why You Should Work With a Realtor

Working with a realtor to buy or sell a home is not only a good idea, it will take most of the stress out of the process. From dealing with the financials to writing contracts that protect you in the transaction, working with a realtor is an important first step to having a successful sale.

10 Reasons why you should work with a realtor:

 

1. Hiring a realtor will ensure your property is listed at the right price, as a result it will help it sell faster.

 

2. Presenting your property in the best manner is also vital to the sale, from staging to pricing, a professional can help direct you in this process.

 

3. Exposure is key. Realtors work for you, ensuring that your property has the proper exposure, from open houses to social media.

4. Working with a professional will ensure your contacts are signed and initialed correctly so there are no hiccups at closing. Working with a realtor streamlines the entire closing process and allows you to just show up at a scheduled time.

5. A realtor will schedule showings and appointments to see the property, all while keeping you in the loop on any progress.

6. Hiring a realtor gives you the peace of mind knowing that a professional ‘has your back’ and is working diligently to meet your needs throughout the real estate transaction. Have questions on any part of the process? Your realtor is there to help.

7. Typically, higher price offers will be presented when working with a realtor, resulting in your property selling at top of the market.

 

8. Negotiations and inspection issues are addressed by the realtor, therefore taking that responsibility off of you.

 

9. Closings are sped up when working with a realtor.

 

10. A realtor will have current market knowledge, knowing what homes have sold for in the area, therefore ensuring you have it priced correctly.

Why Work With a Real Estate Relocation Agent? 3 Ways You’ll Benefit!

Relocating can complicated and stressful.  There are a lot of pieces to coordinate – from buying a home, to packing, to moving, to little details like getting a new driver’s license and filling out change of address forms.  We get it.  That is why you want to work with a real estate relocation agent to help you navigate all the complicated challenges that come with moving across the country.

Here are 3 things that a real estate relocation agent can help you with:

1.  They can help you narrow down your search.

If you are house hunting in a city you don’t know it can be hard to narrow down which neighborhoods are a good fit your your lifestyle and personality.  These things are beyond just bedroom and bathroom count.

For example you:

  • Like living in the heart of the city and restaurants, concerts and nightlife are important to you
  • Need a yard for pets / kids
  • Don’t want a long commute, so need something close to you office
  • Would rather not have to worry about major upkeep or don’t have time to do any remodeling and so would prefer a new home
  • Love to cook/entertain and not only want a nice kitchen but would like to be close to a local farmers market and specialty shops
  • Prefer to commute via bike of public transportation
  • You like to go running or hiking outside and would like easy access to trails
A real estate relocation agent can help tailor your search to an area that is will fit YOU.

2.  A real estate relocation agent doesn’t just know the market, they know people

As you are house hunting, a real estate relocation expert can help you with other resources all well.

Things like:

  • Finding a quality lender
  • Connecting with contractors to help with any home repairs
  • Insurance agents
  • Cleaning services
  • Unpacking and organizing services
Their relationships can save you time, money and hassle.

3.  They can help you find all the *hidden* gems

Every city has hidden nooks and corners that take time to get to know.  A real estate relocation agent can give you an insider’s perspective to make you feel right at home.

They can tell you about things like:

  • Concert and live music venues
  • Local sports teams
  • Farmers markets, specialty shops, food events
  • Museums and local attractions
  • Parks, zoos and kids activities
  • The best bars and top restaurants
  • Festivals, fairs, special events
  • Places to hike, ski or snowboard, bike

Find additional relocation resources and our tips for relocating to Salt Lake City HERE:

 

 

Looking to relocate to Salt Lake City Utah?  Market Source Real Estate can help.  We’ve assisted multiple delighted clients with their relocation and move.  Give us a call today! 801.810.6773

8 Tips on Choosing a Real Estate Agent

These days it seems that anywhere you throw a rock you will hit a real estate agent. They are everywhere!  So, when you need one, how do you chose the one that is best for you?  With the return of the real estate values and huge demand, being a real estate agent has become cool again.  Here are the 8 things to look for when hiring an agent to get the best service and expertise possible.

  1. Availability– In a hot market when you are buying or selling, you need to have an agent that has time for you or you will miss out on some good houses.
  2. Market Knowledge– It is impossible to know everything about every neighborhood, but most agents specialize in certain areas.  If you are looking to buy or sell in neighborhood, look for an agent that specializes in that area.
  3. Experience– It usually goes without saying that you can’t buy experience.  When it comes to real estate agents, you need someone who knows the business and how to play the “game” of real estate.
  4. Resources– Since 2008 the market has been constantly changing.  Mortgage loan types, underwriting requirements and down payments are all different from 10 years ago. Today you need an agent that understands these industry changes and has people and resources in place to help with the mortgage loan process.
  5. New Marketing: Social Media– It used to be in order to sell a home you needed the three “P’s” of marketing.  They were Price, Product, and Promotion.  Sometimes you also needed the 4th “P” prayer…  While the three “P’s” are still important the thing that has changed the most is Promotion.  The old school best bang for buck used to be placing ads in the local paper.  Slowly over the past 10 years print has moved to digital ads through the paper.  Now in 2017, social media is king.  With Facebook, Instagram, twitter, etc. smart agents can advertise listings directly to the demographics that are looking for a home for maximum marketing impact.  Find an agent that is social media savvy. Bonus Tip: If you can’t find them on facebook or Instagram, you may want to find another agent.
  6. The agent sells real estate full time– There are plenty of agents out there that are selling real estate as their second job.  You want an agent that is in the business full time and is actively selling homes to buyers and sellers.
  7. Ask your friends and family for suggestions– Many of the best agents do very little to market themselves because they don’t have to.  The best agents get the majority of their business from client referrals.  A little known fact about sales is that if you do a good job the majority of the time, a client might tell 1 or 2 people what a great job you did.  However, when you do a poor job, a client will tell everybody they know.  So ask around, you will find out who is good and who is not.
  8. They are willing to listen– It is amazing how often people don’t listen. You don’t want to waste your time or their time looking at properties that won’t fit your needs.

Here are Market Source Real Estate we specialize in the Salt Lake and surrounding markets.  With exceptional knowledge in older homes and their construction, charm, and pitfalls we help our buyers and sellers maximize their “new” old homes.  Call Monique or Jeremy today.