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Making an Offer for the First Time

First time home buyers

You have some work to do before moving into your dream home!

Every buyer is ecstatic when they finally find their dream home. You imagine yourself having a family growing up in the home, customizing it just the way you want it to be, and growing old in it with your spouse. But before picking out paint samples and calling contractors to expand the living room, there is once crucial step you are missing. You don’t own the house yet. You still have to make an offer. But how do you do that? Well, here are some tips to making your first offer less stressful.

Searching with Confidence

The first step to buying a home is learning your budget. How much can you afford per month and how much are you approved for. Search the area with confidence and settle on a home that meets all of your criterial. Before making an offer, make sure you do your research. Know what a typical home in the area goes for and how much comparable houses are selling for. Learn as much as you can about the house you are interested in. Is it a quick sale? Are they downsizing? How long has it been on the market? Are there offers on the table? Are they “stacking” offers for a day when the seller will review them all at once or are they doing it individually? These facts will help you decide how much the home will be going for.

Lender and Terms

Before making an offer, it is a good idea to call the lender and let them know you want to make an offer on a property. You will need your pre-approval letter and you’ll also want mortgage rates since these things change constantly. Also discuss the terms of the price. Inspections, closing costs, appraisals, loan contingencies, and other things could factor into how this home closes at the sale table.

Remember that not everyone settles on their first house. That doesn’t mean you should give up. Things change every day and something better will come along soon. Also remember that the house could have an offer that falls through, leaving your offer open for reconsideration. There are multiple factors every first time buyer should take into consideration when putting in their first offer. Just remember not to give up your dream so quickly!

Simply Referable Can Help You Find Your Dream Home!

The small team of realtors at Simply Referable is deeply focused on creating a memorable selling experience for you and your family. Each of our team members has an area of expertise, and we strive to form lasting bonds with each of our clients. We want to be your go-to realtors every time you or a friend wants to make a change. With local experience, our realtors can help you choose a house that is just the right fit for your family, now and forever. Contact us online or give us a call at 410-983-9045.