Buying a home in this market can be a very intimidating process. The inventory is at a super surplus, which can be overwhelming if you do not know where and how to look. I have worked with a wide range of buyers, from first time buyers to seasoned home purchasers. Whether you are buying a condo, townhome, house, or land, I am your local, helpful real estate agent. I would be delighted to be your Realtor. No town is too far away, no home is too small or big, no client is not worth 110% of my energy. That is what I have to offer you.
Below are some typical first time home buyer questions. I have answered them, based on my personal experiences. I hope this helps you with the start of your home search in the Western Suburbs.
Should I buy or rent?
You need to think about how long you will be in your home. If you plan on being there for three years, it is a more sound investment to purchase. Given the costs of closing, down payment, moving costs, and unexpected costs, it could end up being more expensive if you do not plan on living there for three years. Also, you will need a stable job history. With the way the economy is today, the longer you have been at a steady job, the more likely you are to get a loan. There are exceptions to every rule, but generally you want to have been at your job for at least two years and have an established and favorable credit history. You need to be sure you can make a down payment of something between 3%-20%, depending on the type of loan you intend to receive. Your closing costs will, generally, range, from 3%-6% of the homes purchase price. So, roughly, if you intend to buy a house for $100,000 with 5% down payment, you will bring $5,000 for the down payment and $3,000-$6,000 for closing costs. If you are not able to part with that amount of money, maybe buying a home at this time is not for you.
What is the smartest way to go about buying a home?
Plain and simple, use a Realtor. The more research you do on your own, the more prepared you will become, the more questions will surface, and that is when your agent comes handy. We are here to help reduce the stress of purchasing a home. We will help you view homes, negotiate for the home you decide upon, and give you referrals for home inspectors, real estate attorneys, and other professionals.
Below is some additional information to help when buying, selling, or renting your home.
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