What every First-Time homebuyer needs to know in this Real Estate Market

According to data published by the NAR. First time home buyers accounted for 32% of sales this past March. I thought it would be appropriate to talk about what every first time home buyer needs to know before entering today's market

I've got six tips for you:

1. Get pre-approved

· Understand your budget (how much down payment + closing costs you’ll need)

· Understand your credit

· Get the correct loan

· Don’t waste time looking at homes you can’t afford

2. Select a realtor

· The #1 reason you need an agent is to negotiate the best terms (not find homes, not get info)

· Key question you should be asking: Tell me about a time you negotiated a great deal for your client. Tell me about a tough negotiation you had and what you did.

· Get someone who has your best interest at heart (most are salespeople but there are terrific realtors who really care about helping others and solving problems.

· Get referrals from friends, make sure the personality is a good fit (I would choose a good negotiator whose an edgy than a really nice person that can’t negotiate.

3. Understand how a real estate contract works

· Get a copy of a contract and read it--> DM Ricardo on Instagram https://www.instagram.com/ricardopanchoo/

· Understand your contingencies (attorney review, home inspection, appraisal, loan commitment)

4. Narrow your focus

· The market is moving really fast so you need to be in a position to act quickly

· The more granularity you have on what you’re looking for, the better. (neighborhood, beds/baths, commute time, etc.

5. Do your due diligence

· Open Permit Records Act, Seller’s disclosure, public records, old listings, home inspection, tank sweep etc.

6. Know the market and adjust

· The market will not adjust for you. You want the house, you make the adjustments

· Be ready to make an offer

· Be ready to offer way above list price (ask your realtor what % above ask are homes in that neighborhood going for)

· Prioritize what you need most (inventory is tight so it’s not the time to be picky)

Ricardo Panchoo

Stonybrook Realty

630 Main Road

Towaco, NJ 07082

M: 718-840-9597

O: 973-334-1416

E: rmpanchoo@gmail.com

W: ricardopanchoo.com

Serving New Jersey: Morris County, Hudson County, Bergen County, Essex County

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