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June 25th, 2018 by

Buy First Home
Buying a home for the first time is a big deal, but that definitely doesn't mean that you have to get a bad deal. Studies show that first-time home buyers are more likely to overpay than more experienced buyers, and that is largely due to a lack of experience. The good news is that there are plenty of effective ways to prepare for buying your first home and avoid getting overwhelmed by the process. Our real estate agents are here to help, with a guide on how not to overpay when buying your first home. 

Here's How to Avoid Overpaying for Your First Home

  1. Work with an Experienced Buyer's Agent
    Working with an experienced, trusted real estate agent is a smart decision whether you're buying your first home or your fiftieth... but it's especially important for first-time home buyers. An experienced real estate agent can guide you through the process, answer all of your key questions, and help you negotiate a deal that you can be happy with long-term. But you don't want just any old agent. Ask around, get referrals, and speak with potential agents first-hand until you find the right match.

  2. Remove Emotion from the Equation
    If you want to narrow down the reasons why first-time home buyers tend to pay more, then it's hard to overstate the importance of emotion. First-time buyers may become attached to a potential home more quickly than experienced buyers, and make an offer based on emotion rather than economics can definitely lead to buyer's remorse. Doing your research and working closely with your real estate agent will help you remove emotion from the equation when buying your first home.

  3. Making a List
    Looking for another way to take emotion out of the process, and evaluate homes based on consistent standards? Making a list of pros and cons (or must-haves and deal-breakers) will help you narrow down your options while finding homes that fit both your budget and lifestyle. Consider what you need to have in your first home, what you'd like to have, and what you can do without. If you're buying a home with another person, making a list is also a great way to make sure that you're on the same page.

  4. How to Compare Homes and Neighborhoods
    Understanding how to compare homes and neighborhoods objectively will be a huge help to any first-time buyer. Your real estate agent should provide a comparative market analysis (CMA), which will tell you more about active, pending, sold, and expired listings, as well as provide a detailed look at comparable sales in your target locations.

    Finding the right neighborhood is also a key element of the process, and the neighborhood you choose will often impact the price of the home. Take the time to explore, evaluate, and engage with neighborhoods until you find one that fits your lifestyle and budget.

  5. Be Willing to Walk Away
    Preparation is a big key when buying a home for the first time, but it's also important to understand when to walk away. If the seller is unwilling or unable to meet your needs, then it's usually time to look in another direction rather than overpaying just because your heart is set on the home. A willingness to walk away is often one of the biggest things that separate first-time and experienced home buyers.

Are you shopping for your first home, and searching for a real estate team that can help you with every step of the process? Contact Cressy & Everett Real Estate to buy and sell homes from South Bend, Indiana to Southwest Michigan.

Categories: Buying a Home
Tags: Cressy & Everett, Buying a house, For Buyers, First-time buyers, First home

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