5 Steps For a First Time Buyer

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5 STEPS FOR A FIRST TIME BUYER

Many of my clients are Millennials who are very curious about buying in Austin. A first time buyer is usually fed up with slumlords or tired of expensive rent, but they aren’t sure if buying will be any better. They are uninformed about home prices, what goes into buying and what their first steps should be. Google has a LOT of information to sift through and many of us don’t want to take the time to decide which is the best source. You would think “Googling” would get a first time buyer the answers they need, but remember the last time you didn’t feel well and googled your symptoms? The internet diagnosed you with something ridiculous and suggested seeking immediate attention. Also, we can get super sidetracked while researching. One moment you’re looking up “first time buyer”, the next you are reading about the solar system. So, let’s keep it simple

The following will go over the initial 5 steps for a first time buyer. The timeframe for these steps vary but I would start the education process at least 3 months before buying. Once your offer is accepted, it takes 35-45 days to close on a property. Keep that in mind when deciding when to start your research.

  1. Read through HowToBuyaHouseinAustin.com. Write down your questions. Save them for your real estate agent and lender.
  2. Find a real estate agent. As a buyer they are free to you and will be your resource in finding a great lender.  
  3. Talk to a lender. Find out what it takes to get approved for a loan. Get an idea of how much you can afford. See what your monthly payments would look like. Discuss your options. If you are a few months out from buying, get a pre-approval letter.
  4. A few months before you’re ready to buy, start checking out open houses. Going to open houses early on will be a good way to see what you could potentially get within your budget and help you narrow down your choices. Ask your real estate agent to provide you with a list of opens. Make sure to let the agent holding the open know that you already have an agent.
  5. Now that you know what you can afford, narrow down your options with the help of your real estate agent and lender. Should you look at condos? Homes? Which Austin areas are best for you? Austin homes tend to go quickly, so start viewing homes with your agent when you are serious about buying.