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TIPS FOR FIRST TIME HOME BUYERS

Are you considering moving from being a renter to home ownership?  That prospect of investing in your future can be exciting and somewhat overwhelming.  Below are some tips that Phoenix Homes has provided to help make this step a little easier to process.  We will work with you every step of the way and make your transition as easy and possible.  Contact us today and let us show you how.

First Time Home Buyers

Understand the home buying process.

Take some time and educate yourself as much as possible when looking to purchase a home.  A local home buying seminar is a great way to start that as well as researching online.  The U.S. Housing Department (www.hud.gov) is dedicated to assisting home buyers with questions regarding first-time homebuyers.  They also have information on mortgages and home-buying program information as well as online tools for your convenience.

Understand the home buying process.

Take some time and educate yourself as much as possible when looking to purchase a home.  A local home buying seminar is a great way to start that as well as researching online.  The U.S. Housing Department (www.hud.gov) is dedicated to assisting home buyers with questions regarding first-time homebuyers.  They also have information on mortgages and home-buying program information as well as online tools for your convenience.

Work with an Realtor who has your best interest at heart.

Working with a good agent is everything when you start your search.  Finding a home is the easy part and a good agent will assist you to make sure you find the perfect home.  Navigating and negotiating the purchase contract, addendums, inspections, appraisal, escrow and many other aspects of your purchase is the reason you hire a good agent.  At Phoenix Homes, we only hire agents that are qualified to handle all these aspects of the purchase process and provide an exceptional experience for our clients.  We value our clients and love the fact that they keep coming back.

Please ask questions.

Remember school when the teacher said, “there are no such thing as dumb questions”?  No truer words were spoken when researching to purchase your first home.  There are many factors that go into purchasing your home and the more information you have the better decisions you make. Please do not hesitate to let your Phoenix Homes Realtor know that you are new to the buying process.  We expect you to have questions in every aspect of the process.  Remember, this is one of the biggest financial decisions you will make throughout your life and you want to have the best understanding of the process as well as a Realtor that has your back.

Take your time and some deep breaths.

This is a process and like all processes, they take time.  Your Realtor should provide answers as well as questions to help you make the decisions necessary to find and qualify for your first home.  Having a good selection of homes that meet the criteria you provided is a great start.  Seeing your first few homes is exciting and may even be a little overwhelming but that is ok.  Take your time,  be choosy, you can afford to be.  This is your home and nobody else’s.  Once you find a home that your interested in we will discuss how to put together your offer.   Once your offer is accepted we will open escrow and move through the process to close and get you your first homeowner set of keys.  Congratulations on purchasing your first home.

Focus on your price range.

Understanding your price range is a huge factor in what you can truly afford given all your other monthly expenses.  You do not want to over extend yourself.  Be comfortable in your monthly payment so you have money left over at the end of the month after all your bills.   Knowing how much you can afford will determine how much home you can purchase and in most circumstances will determine your ultimate location. Getting pre-qualified is everything. It lets you know how much you can afford and can provide you leverage over other buyers in the market when it comes time to make an offer.  The last thing you want is to find a home you fall in love with only to find out you can not afford it.

Plan for the unexpected.

Are you possibly looking to get married or maybe grow your family?  Planning for the next 5-7 years is a great start to your home search process.  This allows you to plan for those near future events that your looking to expand on and budget for them.  Not everything works out the way we want and more often than not that's the case.  This goes back to the point above of not over extending yourself.   Purchasing right the first time will allow you to most likely manage a sale down the road to upsize if or when needed.

Focus on location, location, location.

You may have heard within the real estate industry the term, location is everything.  It is true.  Location is everything.   Location will ultimately be a major deciding factor as to how your home appreciates, your neighborhood, quality of neighbors and surrounding commercial real estate such as, entertainment, restaurants, shopping, etc.  All of these are factors in your quality of living and that starts with location.  When searching for a home, talk with your realtor and ask them to speak about one city to the next, one neighborhood to the next.  Do your diligence and drive around to inspect these areas and find out if you can see yourself living there.  Having a local company like Phoenix Homes and natives of the area assisting you with this decision can be a huge help.

We use the ARMLS (Arizona Regional Multiple Listing Service) system for all home searches.  This is the same system we use on a daily basis.  GET STARTED TODAY by completing the form below. One of our associates will be happy to get back to you.


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