What Ellicott City First-Time Homebuyers Need to Know

Finally being able to buy your dream house after years of working hard for the money can be the most rewarding experience of your life. However, while it sounds easy enough to buy a new house because you can already pay for it, the reality could hit you hard. It is why it is highly recommended for first-time Ellicott City homebuyers to prepare, do thorough research, and hire a real estate agent to guide you through the process. In this article, you will learn proven home buying tips that can help you make your purchase one of the most satisfying achievements of your life.

Hire a Real Estate Agent                      

In today’s Maryland real estate market, you have many options to find your dream home. You can browse the Internet for online listings, or you can attend countless open house invitations. However, these methods can take time, as where hiring a real estate agent can streamline the process. Below are just a few of the perks of hiring a Howard County Real Estate Agent.

  • A real estate agent can provide you with top MLS listings that fit your needs and requirements.
  • They have advanced knowledge of the properties that are likely to go over the top, and you’ll know about them before they hit the market.
  • An agent can protect you from overpriced properties as well as give you great ideas about your desired home’s value and worth.
  • Many agents have relationships with the listing agents of the home and can offer valuable inside information about the property.

Based on the research conducted by the National Association of Realtors, in 2019, homebuyers that hired the help of a local real estate agents account for 16%. This number is a far cry from the 44% of homebuyers who searched online. Interestingly, it has been found out that 89% of homebuyers completed their purchase with the help of real estate agents and brokers.

Finding Your Ideal Home

Finding your Ellicott City Home is not as easy as it sounds. You have tons of options; lots of competition, and visiting more than five homes in a day can be overwhelming. According to the National Association of Realtors, a typical buyer spends at least two months determining what they want to buy and where. Notably, with thorough research and preparation, a buyer usually seals the deal after three home inspections.

Getting Financial Assistance

When it comes to buying a real estate property, most interested buyers feel that they do not need a mortgage broker. However, according to experts, pre-approving a loan in advance is always the right decision. There is no guarantee that you can get financial assistance, but at the least, you will have an idea about how much you can afford. Furthermore, property sellers see approved loans as an assurance, and they will likely consider your price offer over another perspective buyer that has not been pre-approved.

Today, FHA loans are undeniably the most preferred option for first-time homebuyers. It is understandable as this type of loan requires a down payment lower than that of a conventional loan’s minimum. We can put the figure at 3.5% of the property’s market price. However, it’s also worth noting that traditional buyers often get the attention of REO banks, mainly if they are after properties in the risk of foreclosures.

If you have a real estate agent, you can ask them for help in choosing a mortgage broker or checking your options with credit unions and banks. They can help you select the ideal type of mortgage. However, remember not to zero in on the mortgage with the lowest interest rate. Your options can vary from fixed to adjustable interest rates. Either way, your agent will help you make the best choice.

Negotiating with the Seller

Buyers tend to make a price comparison when it comes to narrowing down their options. However, this thinking often leads to the missed opportunities. Instead of comparing the prices and picking the one with the lowest price, you can negotiate with the seller, especially if you want to purchase their property.

In this situation, real estate agents can prove their value. They can give you a list of home types that are, more or less, in the same location, have equal value, and condition. The data has been thoroughly researched based on age, land area, style, features, and location. You can expect to get exact comparisons, but it can certainly make a significant impact on your decision.

Once you have chosen the house you want to buy, your agent can educate you on whether it is worth the price or you need to work on a potential negotiation.

Doing a Thorough Home Inspection

A home inspection is always necessary to check the property before giving the final purchase offer. A contingency contract protects it. It offers the potential buyer the right to cancel if they found severe issues with the property. Of course, no one would want to buy a house with expensive repairs, as it greatly decreases the value of the home.

If you are looking to buy a home in Ellicott City MD our Real Estate Agents can help. Contact one of our agents at Corner House Realty, to get you started on the right path.