FirstTimeHomebuyer2024

AGuideToBuyingYour FIRSTHOME

OwnYourHome

HowToStartthe HomebuyingProcess

Buyingahomemightseemreallyhard.Therearesomanythingstothinkabout, likegettingaloan,checkingyourcreditscore,figuringoutthehome'svalue, anddealingwithlotsofpaperwork.Itcanfeelprettyoverwhelming,especially ifit'syourfirsttime.Butitdoesn'thavetobescary.

AcknowledgeThisOnce-in-a-LifetimeAchievement

Asyoutakethefirststepsonthisjourney,focusontheexcitementyoufeel.Homeownership changeslives–it’sthatsimpleItgivesyoumorestability,morestakeinthecommunity,anda greatersenseofprideandaccomplishment.

Don’tworry–nooneexpectsyoutoknoweverythingabouttheprocessupfront.Instead,focus onyourhomebuyinggoalandhowachievingitwillchangeyourlife.Lettheexpertshelpyou alongthewaywiththefinerdetailsYourjobistothinkaboutwhatyouwant,whatyouneed, andwho’sgoingtohelpyouachieveyourgoal.

BuildYourKnowledgeandYourTeam

Whenitcomestobuyingyourfirsthome,seekingoutinformationabouthomeownershipandthe homebuyingprocessisthefirststep.Beforeyoucanmakeoneofthebiggestandmost impactfulpurchasesofyourlife,youneedtounderstandwhatittakestobecomeahomeowner andwhyhomeownershipissoworthwhileThat’swheretheexpertscomein

Inthisguide,you’llfindexpertinsightsandresearchtohelpyoulearnhowtogetstarted,what youneedtoknow,andwhatyoucanexpectfromtheprocess.Thatway,you’llhaveconfidence asyoutakethisimportantstepforward

UnderstandtheKeyPieces ofthePuzzle

Anotherthingtorememberistheremay behurdlesyouneedtoovercome beforecommitting

Makingabiglifedecisioncanbe intimidatingIt'shumannatureto questionifyou’redoingtherightthingIn therestofthisguide,you’llexploresome ofthemainthingsthatcouldbeholding youback,including:

•DownPayments

•BeliefsonRentingvs.Buying

•StudentLoanDebt

You’llfindoutwhat’strueandwhat’snot. Thatway,ifyou’reonthefenceabout whetheryouwanttobuy,oryou’rejust kickingoffyourjourneyinto homeownership,you’llhavethe informationyouneedtomakean informeddecision

BottomLine

Ifyouwanttoownahome,it's importanttoknowthefactssoyou candecidewhat'sbestforyou.Let's beginbytalkingaboutthetopthree mythsthatmightbestoppingyou.

Myth#1:INeedToSaveUp 20%foraDownPayment

Ifyou'regettingreadytobuyyourfirsthome,you'relikelytryingtosave moneyforallthebigcoststhatcomewithit.Oneofthethingsyoumightbe thinkingaboutalotisthedownpayment.

ACommonandCostlyMisconception

Ifyou’replanningtobuyyourfirsthome,savingupforallthecostsinvolvedcanfeeldaunting, especiallywhenitcomestothedownpayment.Thatmightbebecauseyou’veheardyouneedto putdown20%ofthehome’spriceatclosingWell,thatisn’tnecessarilythecaseAsThe MortgageReportssays:

“Althoughputtingdown20%toavoidmortgageinsuranceiswiseifaffordable,it’sa myththatthisisalwaysnecessary.Infact,mostpeopleoptforamuchlower downpayment.”

Here’sthegoodnews.Unlessspecifiedbyyourloantypeorlender,it’stypicallynot requiredtoput20%down.Thatmeansyoucouldbealotclosertoyourhomebuying dreamthanyourealize.

AccordingtotheNationalAssociationofRealtors(NAR),themediandownpaymenthasn’tbeen over20%since2005Infact,forallhomebuyerstodayit’sonly15%Andit’sevenlowerforfirsttimehomebuyersatjust8%(seegraphbelow):

MedianDown Payments

Today’smedian downpayment isfarlessthan20%

Sources:NAR,FHA

WhatDoesThisMeanforYou?

Youmaynotneedtosaveasmuchasyouoriginallythought.

Andit’snotjusthowmuchyouneedforyourdownpaymentthatisn’tclear.Therearealso misconceptionsaboutdownpaymentassistanceprograms

AccordingtoDownPaymentResource,thereareover2,000homebuyerassistanceprogramsin theU.S.,andthemajorityareintendedtohelpwithdownpayments.

Plus,thereareevenloantypes,likeFHAloanswithdownpaymentsaslowas35%aswellas optionslikeVAloansandUSDAloanswithnodownpaymentrequirementsforqualifiedapplicants.

Withsomanyresourcesavailabletohelpwithyourdownpayment,thebestwaytofindwhatyou qualifyforisbyconsultingwithyourloanofficerorbroker.Theyknowaboutlocalgrantsandloan programsthatmayhelpyouout

Then,ifyou’reinterestedinlearningmoreaboutdownpaymentassistanceprograms,information isavailablethroughsiteslikeDownPaymentResource.

BottomLine

Remember,youdon'talwayshavetopay20%upfronttobuyahome.Ifyouwantto makeamovethisyear,letmeknowwhatquestionsyouhaveaboutdownpayments.

Somepeoplemighttellyouit'ssmartertorentinsteadofbuyingthesedays. However,therearestillmanygreatreasonstoownahome.Forexample,having yourownhomeisusuallyseenasasmartwaytoinvestyourmoneyforthe future,helpingyouincreaseyourwealthastimegoesby.

Everythreeyears,theFederalReservereleasestheSurveyofConsumerFinances(SCF),which comparesnetworthforhomeownersandrenters.Thelatestreportshowstheaverage homeowner’snetworthisalmost40Xgreaterthanarenter’s(seegraphbelow):

HomeownerNetWorthAlmost40XGreater

TheNetWorthofHomeownerHouseholdsvs.RenterHouseholds

$396,200

$10,400 Homeowners Renters

Source:TheFed

Onereasonawealthgapexistsbetweenrentersandhomeownersisbecausewhenyou’rea homeowner,yourequitygrowsasyourhomeappreciatesinvalueandyoumakeyourmortgage paymenteachmonth.Whenyouownahome,yourmonthlymortgagepaymentactslikeaformof forcedsavings,whicheventuallypaysoffwhenyoudecidetosellAsarenter,you’llneverseea financialreturnonthemoneyyoupayoutinrenteverymonth.KseniaPotapov,EconomistatFirst American,explainsitlikethis:

“Rentersdon’tcapturethewealthgeneratedbyhousepriceappreciation,nordotheybenefit fromtheequitygainsgeneratedbymonthlymortgagepayments”

TheLargestPartofMostHomeowners’NetWorthIsTheirEquity

Homeequitydoesmoretobuildtheaveragehousehold’swealththananythingelseAccordingto datafromFirstAmericanandtheFederalReserve,thisholdstrueacrossdifferentincomelevels (seegraphbelow):

HousingPieceofNetWorthIsCrucial

HomeValueComponentofNetWorthSubstantialatEveryIncomeLevel

OtherInvestments

EquityinPrimaryResidence

Source:TheFed,FirstAmerican

Thegreensegmentineachbarrepresentshowmuchofahomeowner’snetworthcomesfrom theirhomeequity.Basedonthisdata,it’sclearnomatterwhatyourincomelevelis,owninga homecanreallyboostyourwealthNicoleBachaud,SeniorEconomistatZillow,shares:

“ThebiggestassetmostpeopleareevergoingtoownisahomeHomeownershipisreally thatfinancialkeythathelpsunlockstabilityandwealthpreservationacrossgenerations.”

BottomLine

Ifyou'renotsureaboutrentingorbuying,rememberthathavingyourownhomecan helpyoubuildyournetworthovertime,nomatterhowmuchyouearn.Tolearnmore aboutthisandotherbenefitsofowningahome,let’sconnect.

Myth#3:MyStudentLoansMean IWon’tGetApproved

Ifyouhavestudentloansandwanttobuyahome,youmightbeworried abouthowyourdebtaffectsyourplans.Areyousupposedtopayoffallyour loansfirst?Orcanyoustillgetaloanforahouseevenwithyourstudentdebt? Let'scheckoutthelatestinformationtofindtheanswersyouneed.

DoYouHaveToDelayYourPlansBecauseofStudentLoans?

Ifyou’reworriedyourstudentloandebtmeansyouhavetoputyourhomeownershipgoalson hold,you’renotaloneInfact,manyfirst-timebuyersinthissituationbelievetheyneedtodelay theirplans.

Accordingtothe2023ProfileofHomeBuyersandSellersfromtheNationalAssociationof Realtors(NAR),outofallthefirst-timebuyerswhosaidsavingforadownpaymentwasdifficult, 45%delayedsavingforahomepurchasebecauseoftheirstudentloandebt

Butyoushouldknow,evenwithstudentloandebt,delayingyourplanstobuyahomemaynotbe necessaryWhileeveryone’ssituationisunique,yourgoalmaybemorewithinyourreachthan yourealize.

CanYouQualifyforaHomeLoanifYouHaveStudentLoans?

InthesamereportfromNAR,38%offirst-timebuyershadstudentloandebt,withamedian amountof$30,000.

Thatmeansotherpeopleinasimilarsituationwereabletoqualifyforandbuyahomeeven thoughtheyalsohadstudentloandebtYoumaybeabletodothesame,especiallyifyouhavea steadysourceofincome.RocketMortgagedrivesthispointhome:

“ ...homebuyerswithstudentloanscanqualifyforamortgagebecauseyoudon’t needtobe100%debt-freetobuyahouse.However,whenalenderevaluatesyour application,theywilllookatyourcurrentdebt,includingyourstudentloans.”

Bankrateadds:

“...youcanhavestudentloansandamortgageatthesametime....Ifyouhave studentloansandwantamortgage,therearemultiplehomeloanprogramsyou mightqualifyfor... ”

Thekeytakeawayis,formanypeople,homeownershipisachievableevenwith studentloans.

Thebestwaytomakeadecisionaboutyourgoalsandnextstepsistotalktotheprofessionals.A realestateadvisorcanwalkyouthroughyourspecificsituation,youroptions,andwhathas workedforotherbuyerslikeyou.

Theycanalsoconnectyouwithotherprofessionals,suchasatrustedlender,whocanhelp.You don’thavetofigurethisoutonyourown–leanontheexpertssoyouhavetheinformationyou needtomaketherightdecisionforyou.

BottomLine

Lotsofotherpeoplewithstudentloandebtaremanagingtobuytheirownhomes. Maybeit'syourturntomakeyourdreamofowningahomecometrue.Let'stalkabout youroptionsandseehowcloseyouaretoreachingyourgoal.

ESSENTIALINFORMATION

Nowthatyou’reexcitedabouthomeownership andwe’veclearedthehurdlesthatcouldbe holdingyouback,let’sgettactical.Here’salook atseveralkeytermsyou’llneedtoknowand someessentialinformationonwhattoexpect fromthehomebuyingprocess.

KeyTermsToKnow WhenBuyingaHome

Affordability

Ameasureofwhethersomeone earnsenoughtoqualifyforaloan onatypicalhomebasedonthe mostrecentprice,income,and mortgageratedata.Whenhome pricesandmortgageratesarehigher, itcanimpactaffordability

Appraisal

Areporthighlightingtheestimated valueofthepropertycompletedby aqualifiedthirdparty.Lendersrely onappraisalstovalidateahome’s valueandensurethey’renotlending morethanthehomeisworth.

Equity

Thevalueofyourhomeabovethe totalamountofliensagainstyour home.Manyhomeownersarerealizing theyhavemoreequitythantheythought andthey’reusingittomove.

InspectionContingency

Aprovisioninacontractrequiringan inspectiontobecompleted.This essentialstepgivesyouinformationon thehome’sconditionandpotential repairs

ClosingCosts

Thefeesrequiredtocompletethe realestatetransaction.Paidat closing.Askyourlenderfora completelistofclosingcostitems, includingpoints,taxes,titleinsurance, andmore

CreditScore

Anumberrangingfrom300–850 that'sbasedonananalysisofyour credithistory.Thishelpslenders determinethelikelihoodyou’llrepay futuredebts.

DownPayment

Downpaymentsaretypically 3.5–20%ofthepurchasepriceof thehome.Some0%down programsarealsoavailable.Ask yourlenderformoreinformation aboutwhatyoumayqualifyfor

Mortgage

Aloanusingyourhomeascollateral. Italsomaybeusedtoindicatethe amountofmoneyyouborrow,with interest,topurchaseyourhouse.The amountofyourmortgageoftenisthe purchasepriceofthehomeminusyour downpayment.

MortgageRate

Theinterestrateyoupaytoborrow moneywhenbuyingahome.As mortgageratesfluctuate,consulta lendersoyouknowhowitcanimpact yourmonthlymortgagepayment

Pre-ApprovalLetter

Aletterfromalenderthatshowswhat they'rewillingtolendyouforyour homeloan.This,plusanunderstanding ofyoursavings,canhelpyoudecideon yourtargetpricerange

YourJourneytoHomeownership

Herearethekey milestonesyou’ll encounteronyourpath tohomeownership.

BuildYourTeam

Kickstarttheprocessby findingtrustedexpertsto guideyoualongtheway

GoHouseHunting

MakeanOffer

Meetwithyouragent todraftyouroffer andnegotiatewith theseller.

Exploreneighborhoods, hometypes,and determineyour must-haveswith youragent

CheckYourScore

Findoutyourcredit scoreandworkto improveitby cuttingdowndebt andspending

BoostYourSavings

Talktoaprofessional aboutdownpayment options.Thenseta goalandbudge accordingly.

KnowYourNumbers

Discoverwhatyoucan affordbasedonmortgage rates,income,andmore Thengetpre-approvedby atrustedadvisor.

GetanInspection andanAppraisal

Relyontheprosasthey determinethevalueand conditionofthehome. Renegotiateasneeded

MakeItOfficial

Onclosingday,sign thefinaldocumentation andgetthekeysto yourhome

Moveint NewHome

Sendinthemovers becauseit’stimeto makeyourdreama realityonmove-inday

WhyPre-ApprovalIs EvenMoreImportantThisYear

Ontheroadtobecomingahomeowner?Ifso,youmayhaveheardtheterm pre-approvalgettossedaround.Let’sbreakdownwhatitisandwhyit’s importantifyou’relookingtobuyahomethisyear.

WhatPre-ApprovalIs

Aspartofthehomebuyingprocess,yourlenderwilllookatyourfinancestofigureout whatthey’rewillingtoloanyou.AccordingtoInvestopedia,thisincludesthingslikeyour W-2,taxreturns,creditscore,bankstatements,andmore.

Fromthere,they’llgiveyouapre-approvallettertohelpyouunderstandhowmuch moneyyoucanborrowFreddieMacexplainsitlikethis:

“Apre-approvalisanindicationfromyourlenderthattheyarewillingto lendyouacertainamountofmoneytobuyyourfuturehome....

Keepinmindthattheloanamountinthepre-approvalletteristhelender’s maximumoffer.Ultimately,youshouldonlyborrowanamountyouare comfortablerepaying."

Now,thatlastpieceisespeciallyimportant.Whilehomeaffordabilityisgettingbetter, it’sstilltightSo,gettingagoodideaofwhatyoucanborrowcanhelpyoureallywrap yourheadaroundthefinancialsideofthings.Itdoesn’tmeanyoushouldborrowthefull amountItjusttellsyouwhatyoucanborrowfromthatlender

ThissetsyouuptomakeaninformeddecisionaboutyournumbersThatwayyou’re abletotailoryourhomesearchtowhatyou’reactuallycomfortablewithbudget-wise andcanactfastwhenyoufindahomeyoulove.

WhyPre-ApprovalIsSoImportantThisYear

Ifyouwanttobuyahomethisyear,there’sanotherreasonyou’regoingtowanttobe sureyou’reworkingwithatrustedlendertomakethisapriority.

Whilemorehomesarebeinglistedforsale,theoverallnumberofavailablehomesis stillbelowthenorm.Atthesametime,morebuyersarecomingbacktothemarketthis yearThatimbalanceofmoredemandthansupplycreatesabitofatug-of-warforyou

Itmeansyou’lllikelyfindyouhavemorecompetitionfromotherbuyersasmoreand morepeoplewhoweresittingonthesidelinesdecidetojumpbackin.Butpre-approval canhelpwiththattoo

Pre-approvalshowssellersyoumeanbusinessbecauseyou’vealreadyundergonea creditandfinancialcheck.AsGregMcBride,ChiefFinancialAnalystatBankrate,says:

“Preapprovalcarriesmoreweightbecauseitmeanslendershaveactuallydone morethanacursoryreviewofyourcreditandyourfinances,buthaveinstead reviewedyourpaystubs,taxreturnsandbankstatements.Apreapproval meansyou’veclearedthehurdlesnecessarytobeapprovedfora mortgageuptoacertaindollaramount.”

Sellerslovethatbecausethatmakesitmorelikelythesalewillmoveforwardwithout unexpecteddelaysorissues.Andifyoumaybecompetingwithanotherbuyertoland yourfirsthome,whywouldn’tyoudothistohelpstackthedeckinyourfavor?

BottomLine

Ifyou’relookingtobuyahomethisyear,knowthatgettingpre-approvedisgoingto beakeypieceofthepuzzle.Withmorebuyerscomingbacktothemarket,thiscanhelp youmakeastrongofferthatstandsoutfromthecrowd.

AvoidTheseCommonMistakes AfterApplyingforaMortgage

Ifyou’regettingreadytobuyahome,it’sexcitingtojumpafewstepsahead andthinkaboutmovinginandmakingityourown.Butbeforeyougettoofar downtheemotionalpath,therearesomekeythingstokeepinmindafteryou applyforyourmortgageandbeforeyouclose.Here’salistofthingsto rememberwhenyouapplyforyourhomeloan.

1.Don’tDepositLargeSumsofCash

Lendersneedtosourceyourmoney,andcashisn’teasilytraceable Beforeyoudepositanycashintoyouraccounts,discusstheproperway todocumentyourtransactionswithyourloanofficer

2.Don’tMakeAnyLargePurchases

It’snotjusthome-relatedpurchasesthatcoulddisqualifyyoufromyour loan.Anylargepurchasescanberedflagsforlenders.Peoplewithnew debthavehigherdebt-to-incomeratios(howmuchdebtyouhave comparedtoyourmonthlyincome).Sincehigherratiosmakeforriskier loans,borrowersmaynolongerqualifyfortheirmortgageResistthe temptationtomakeanylargepurchases,evenforfurnitureor appliances.

3.Don’tCosignLoansforAnyone

Whenyoucosignforaloan,you’remakingyourselfaccountableforthat loan’ssuccessandrepayment.Withthatobligationcomeshigherdebtto-incomeratiosaswell.Evenifyoupromiseyouwon’tbetheone makingthepayments,yourlenderwillhavetocountthemagainstyou

4.Don’tSwitchBankAccounts

Lendersneedtosourceandtrackyourassets.Thattaskismucheasier whenthere’sconsistencyamongyouraccountsBeforeyoutransferany money,speakwithyourloanofficer.

5.Don’tApplyforNewCredit

Itdoesn’tmatterwhetherit’sanewcreditcardoranewcar.Whenyour creditreportisrunbyorganizationsinmultiplefinancialchannels (mortgage,creditcard,auto,etc.),itwillhaveanimpactonyourFICO® score.Lowercreditscorescandetermineyourinterestrateandpossibly evenyoureligibilityforapproval

6.Don’tCloseAnyAccounts

Manybuyersbelievehavinglessavailablecreditmakesthemlessrisky andmorelikelytobeapprovedThisisn’ttrueAmajorcomponentof yourscoreisyourlengthanddepthofcredithistory(asopposedtojust yourpaymenthistory)andyourtotalusageofcreditasapercentageof availablecreditClosingaccountshasanegativeimpactonbothof thosepartsofyourscore.

7.DoDiscussChangeswithYourLender

Beupfrontaboutanychangesthatoccuroryou’reexpectingtooccur whentalkingwithyourlenderBlipsinincome,assets,orcreditshould bereviewedandexecutedinawaythatensuresyourhomeloancan stillbeapprovedIfyourjoboremploymentstatushaschangedrecently, sharethatwithyourlenderaswell.Ultimately,it’sbesttofullydisclose anddiscussyourintentionswithyourloanofficerbeforeyoudoanything financialinnature

BottomLine

Youwantyourhomepurchasetogoassmoothlyaspossible.Remember,beforeyou makeanylargepurchases,moveyourmoneyaround,ormakemajorlifechanges,be suretoconsultyourlender–someonewho’squalifiedtoexplainhowyourfinancial decisionsmayimpactyourhomeloan.

BeRealisticAboutYour DesiredFeatures

Buyingyourfirsthome?Thinksmart.Checkyourwishlistagainandfigure outwhatyoureallyneed.

Takesometimetoconsiderwhat’strulyessentialforyouinyourfirsthouse.Makealistofallthe featuresyou’llwanttosee,andfromthere,worktobreakthosefeaturesintocategoriesHere’s agreatwaytoorganizeyourlist:

•Must-Haves–Ifahousedoesn’thavethesefeatures,itwon’tworkforyouandyour lifestyle(examples:numberofbedrooms/bathrooms,distancefromworkorloved ones,etc)

•Nice-To-Haves–Thesearefeaturesyou’dlovetohavebutcanlivewithoutNice-tohavesaren’tdealbreakers,butifyoufindahomethathitsallthemust-havesand someofthese,it’sacontender(examples:ahomeoffice,agarage,etc)

•DreamState–ThisiswhereyoucanreallythinkbigAgain,thesearen’tfeatures you’llneed,butifyoufindahomeinyourbudgetthathasallthemust-haves,mostof thenice-to-haves,andanyofthese,it’saclearwinner(examples:apool,multiple walk-inclosets,etc)

Onceyou’vecategorizeditinawaythatworksforyou,discussyourtopprioritieswithyourreal estateagent.Remembertothinkcarefullyaboutwhat’sanon-negotiableforyourlifestyleand what’sanice-to-havethat’smoreofanaddedbonusBesuretodiscusswhereeachfeature fallswithyouragent.They’llbeabletohelpyourefinethelistfurther,coachyouthroughthebest waytosticktoit,andfindahomeinyourareathatmeetsyourtopneeds

BottomLine

Makingalistofwhatyoureallyneedinyourfirsthomemightseemsimple,butit’san importantpartofyourhomebuyingjourney.Let’sworktogethertofindaplacethat fitsyourneeds.

ChecklistTo DetermineYourMustHaves

MustHave NiceTo-Have

OpenFloorPlan

AmpleStorageSpace

UpdatedKitchen

DesignatedHomeOffice

Walk-InAtticand/or

FinishedBasement

GuestRoom

LaundryRoom

Feelingmotivatedtomakeyour bigmove?Let’sstartsimple.Use thischecklisttodeterminewhich featuresaremostimportantto youinyourfirsthome

MustHave NiceTo-Have

Indoor Outdoor Other

RoomforaHomeGym

Walk-InPantry

UpdatedBathrooms

Garage

MustHave NiceTo-Have

LargeBackyard

Fenced-InYard

OutdoorLivingArea

GardenSpace

Pool/Spa

ShortCommuteTime

AccesstoBike PathsorParks

NearShoppingand LeisureFacilities

NearPublicTransit

StrategicTipsfor BuyingYourFirstHome

Buyingyourfirsthomeisexciting.It'sadreamthatcancometrue,butthereare somehurdlesyou’llneedtoovercome,likethelimitedsupplyofhomesforsale andongoingaffordabilitychallenges.Herearetwotipstohelpturnyourdream intoareality.

SaveMoneywithFirst-TimeHomebuyerPrograms

Payingtheinitialcostsofhomeownership,likeyourdownpaymentandclosingcosts,canfeelabit dauntingButtherearemanyassistanceprogramsforfirst-timehomebuyersthatcanhelpyouget aloanwithlittleornomoneyupfront.AccordingtoBankrate:

“...youmightqualifyforafirst-timehomebuyerloanorassistance.First-timebuyerloans typicallyhavemoreflexiblerequirements,suchasalowerdownpaymentandcredit score.Manyhelpbuyerswithclosingcostsandthedownpaymentthroughgrants andlow-interestloans.”

Tofindoutmore,talktoyourstate’shousingauthorityorcheckoutwebsiteslikeDownPayment Resource

ConsiderPoolingYourResourcesToBuyaMulti-GenerationalHome

Anotherwaytobreakintothemarketisbypurchasingahomewithfriendsorlovedones.That wayyoucansplitthecostofthingslikethemortgageandbills,tomakeiteasiertoaffordahome. AccordingtoMoneycom:

“Buyingahomewithanotherpersonhassomeobviousadvantagesinthemortgage department.Withtwoincomesinthemix,buyerscanlikelyqualifyforalarger mortgage—abighelpintoday’shigh-costmarket.”

BottomLine

Byexploringfirst-timehomebuyerassistanceandmulti-generationalliving,itcanbe easiertofindandbuyyourfirsthome.Whenyou’reready,let’sconnect.

AchieveYourDreamof Homeownershipwith CondosandTownhomes

Ifyou’retryingtobuyahome butarehavingahardtime findingsomethinginyour budget,considercondos andtownhomes

TheseOptionsMayBetterFitYourBudget

HannahJones SeniorEconomicAnalyst,Realtor.com “ “

Formanynewbies,itmightjustbeamatterofmaki shifttowardsomethingtheycanbetterafford—like condoortownhome.

Theselower-costhomeshavehistoricallybeenasteppingstone buyerslookingforalessexpensivealternativetoasingle-family

Realtor.com

TheyGetYourFootintheDoorsoYouCanBuildEquity

Condoscanhelpprospectivehomebuyerswhoperhapshave asmallerbudget,butwhoarereallydeterminedtogeta footholdinthemarketandstarttoaccumulatesomeequity. Itcanbeareallygreatentrypoint

TheyTendToRequireMinimalUpkeepandLowerMaintenance

U.S.News “

Thestrongestreasonforpurchasingacondoisthatallexternal maintenanceisusuallycoveredbythecondoassociation suchaslandscaping,poolmaintenance,externalpainting,paving,plo andmore

HowaProfessionalSupportsYour HomeownershipGoals

It'seasytolookupadviceonline,butnothingbeatsgettinghelpfromareal expert.Buyingahomeisahugedeal,soit'simportanttohavetherightpeople helpingyouout.

Agoodagentwill:

Explaintheinsandoutsofcontracts.Whenitcomestobuyingahome, you’llsignvariousdisclosuresandcontractsaspartoftheprocessBefore yougiveanyoftheselegallybindingdocumentsyourautograph,youragent willhelpexplainthetermsandconditions.

Keepyouup-to-dateontoday’smarketconditions.Therealestate industryiscomplexanddynamic.Pricing,mortgageinterestrates,and demandcanchangeoftenYouneedsomeonebyyoursidewhowillkeepyou informedonthelatesttrendsandwhattheymeanforyou.

Serveasyouradvisorinthenegotiationprocess.Evenafterthecontract issignedbytheseller,there’salotofroomleftfornegotiatingtermsafterthe homeinspectionandtheappraisal.Youragentwillhandlealltheback-andforthcommunicationthatcomeswithit

Giveadviceandsharetheirexperience.Let’sbehonest,buyingahomeis emotional.Whenyourofferisn’taccepted,yourmust-havesaren’trealistic,or theysuspectsomethingiswrong,youwantsomeonewhowillbehonestwith you.Youragent’sexpertadviceandknow-howwillbringyoupeaceofmind.

Let’sChat.

I’msureyouhavequestionsabouttherealestateprocess, whattoexpectasafirst-timebuyer,andwhat’shappeningin themarkettoo.Icanhelpwithallofthose.

I’dlovetotalkwithyouaboutwhatyou’vereadhereandhelpyou onthepathtobuyingyourfirsthome.Mycontactinformationis below,andIlookforwardtoworkingwithyou.

Howard“Chip”Watson

ShoreResortRealEstateSpecialist

JerseyShoreRealEstateExperts

CapeMayCounty,NJ

chip@jsree.com

findcapemayhomes.com

(856)625-5900