The best way to buy a house in any market

by Lena and Rich Benenati 01/28/2024

Many first-time homebuyers want to know the best way to buy a house. While details can vary from one sale to the next, there are some tried and true guidelines for every real estate market. Here are some crucial tips for first-time buyers shopping for a home:

Explore mortgage options

Explore different types of mortgages by comparing conventional and FHA mortgages. FHA loans, offered by the Federal Housing Administration, allow borrowers with a less-qualified credit score to obtain a mortgage with a lower down payment. 

Conventional loans offered by banks and other mortgage lenders might have tighter approval requirements, but can have lower interest rates.

Utilize open houses & virtual tours

Touring houses is an essential part of the home search, but unfortunately not always a practical one. Luckily, 3-D tours and video tours are available for countless listings online, allowing you to visit from the comfort of your own home.

If you're able to attend an open house in person, you'll have the valuable opportunity to explore the neighborhood as well.

Find the right real estate agent for you

A well-qualified property agent understands the current housing market. Their experience and knowledge makes them a valuable partner in the homebuying process. If you're not sure where to start searching for a real estate agent, try asking friends or colleagues for recommendations.

Don't forget closing costs

In determining the total amount of money that you're willing to spend on your purchase, make sure to include closing costs. You'll get a quote from your lending agent in advance, but some buyers are still surprised at how much the closing cost actually ends up being.

While expenses vary by lender and location, expect to pay between 3% and 15% of the total purchase price at closing.

Are you ready to get started in finding your dream home? Keep these tips in mind for the best possible homebuying experience.

About the Author
Author

Lena and Rich Benenati

Lena and I have been helping our clients buy and sell real estate since 2002, marking over 26 years of combined market experience! We will earn your trust by utilizing proven marketing strategies, certified professional negotiating skills, and targeted technology. Add to this our local market insight and consistent follow up, and it adds up to a great experience for you! A family owned and operated business, we strive to be your trusted adviser, helping you navigate the home buying and selling processes. It is our mission to combine our extensive experience and superior customer service together with a positive attitude to ensure that you enjoy your buying or selling experience. Our customer service extends beyond the sale, providing you with useful information regularly and connecting you with the resources you need, when you need them. This is why an exceptionally high 80% of our business is referred to us by our past clients. We look forward to exceeding your expectations, in English or Spanish as you desire. Lena & Rich, a team you can trust, for everything real estate.