Helpful Tips For First-Time Homebuyers In Today’s Real Estate Market
Buying your first home is a huge deal. It can be an overwhelming process, even more so in today’s market. For many, homeownership is a goal they’ve worked toward their entire life.
Colorado first-time homebuyers are in for a challenge, but buying a home is possible. Here are four helpful tips for first-time homebuyers in Colorado.
A Mortgage Pre-Approval Is A Must
We say this in every real estate market, but a mortgage pre-approval is essential. Even if you make a competitive offer, the seller may toss it in the trash if a mortgage pre-approval is not included. Taking this extra step before you start looking at homes helps with budgeting and makes your offer stronger when the time comes.
The pre-approval process is quite simple; we will go over your financial information, employment, and credit history to determine how much you can spend and what type of loan works best for you. This information would be collected eventually anyway, why not gather it up before you begin the stressful home search?
Don’t Expect Your First Home To Be Perfect
It used to be that buyers could make a list of all the amenities they wanted in their first home and expect to find a home with just about all of them. You can’t be that picky in the Colorado real estate market, where inventory is slim to none.
You’ll need to be open-minded in today’s market and think long-term. Getting your foot into homeownership should be the goal. That means that you may have to settle for a condominium even though you wanted a home. Or maybe you’ll have to go without that 4th bedroom and get a home with three instead. Owning a home means you’ll gain equity, and eventually, you can use that equity to help you get into a home that may be more of a “forever” home when the time is right.
Expect To Pay Over Asking
When creating your homebuying budget, know that most Colorado homes are selling for over the asking price. This means that when it comes to setting a budget, you need it to be lower than the maximum amount you’re approved for.
You may want to consider looking for homes 10-15% lower than your maximum budget. This way, you will be able to go over the asking price without it busting your budget.
Work With A Professional
It is more important than ever that you work with a team of experienced real estate professionals. We will educate you on the Colorado real estate market, negotiate on your behalf, and lead you to a successful closing.
We can help you with the financing of your Colorado home. We will work efficiently to get your pre-approved and eventually funded. Give us a call so we can get started today.