REAL ESTATE SPECIAL SECTION
2 . Location . Location . Location .
When narrowing down where you want your home to be , it ’ s best to first determine how much you can borrow . You don ’ t want to have your heart set on a location and come to find it is out of your budget . Look at what is most important to you . Is it proximity to parks and good schools , or access to entertainment and nightlife , or lots of land to spread out ? From there , you may find exactly where you want to be that fits your spending limit .
3 . Create a must-have list and a wish list .
What ’ s non-negotiable in your new home ? Is it an integral garage or open-concept floor plan or a pool ? Now , is a pool really a non-negotiable ? ( We do live in Pittsburgh with sunny days less than half of the year .) Be realistic with your must-have list and your wish list . While a pool may seem dreamy , many communities have local swim clubs or gyms that provide all the joy of having a pool without the work . You may not get everything on your must-have list , but be creative on ways to potentially add those “ musts ” once you move in .
4 . Things ( including houses ) are not always as they appear .
Just like models in magazines with no wrinkles , home photos are often taken at their very best angle . What may seem dreamy and flawless on a computer screen may be crumbling and cracking in real life . Hit the streets with your local agent to see your favorite homes in person . You ’ ll be able to explore all of the sights unseen in the photos , including what the neighborhood is like . Maybe you find a lovely home , but come to learn it ’ s next to a busy freeway or shopping center . Never stray from the sentiment that seeing is believing !
5 . Be patient ; it ’ s a process .
Unfortunately , you ’ re not the only buyers in the market . Many are looking for similar offerings in a home . You may lose out on what you think is the perfect home , but keep your head up ! Something just as good , if not better , will come along — because where there are buyers , there are sure to be more sellers !
Whether you ’ re looking to buy or to sell , there are hundreds of resources available to you and your family . Start smart by doing your research . Is now the time to put your home on the market ? What ’ s the buyers market like this season ? Don ’ t rush to make a decision just because spring is here . Homes are bought and sold throughout the year , so make sure the time is right . As a first step , review your finances . If you ’ re on the right track to having a good bit saved , you ’ re probably ready to start your must-have / wish lists . Reach out to a real estate agent to help you get acquainted with the communities you have in mind and the neighborhoods you can afford . If you ’ ve been talking about moving , take a look at your home . Do you have repairs to make before putting your home on the market ? You ’ ll want to make any small upgrades , declutter and rearrange rooms prior to taking pictures of your home to show potential buyers .
What First-Time Homebuyers Should Know
Last year was a great year for new homebuyers . According to the National Association of Realtors , about 35 percent of the homebuying market was made up of first-time buyers . Yet , each year is not created equally in the mortgage industry and real estate market . Changes happen frequently and it is often hard to keep up . If you ’ re looking to break into real estate for the first time , here are some insights into how to navigate the market .
SAVING .
Step number one for a first-time homebuyer should always be saving . Take a look at your current finances . It ’ s recommended that your mortgage payment not exceed 30 percent of your gross monthly income . See where you can cut back spending to put away a little extra out of your paycheck every month for your new home . Not only can this cash go toward a down payment , but most likely you ’ ll need furniture , appliances , and decorations to furnish your new home . Don ’ t just calculate the amount of money needed for a down payment . Keep in mind the unforeseen expenses such as home repairs , agent fees and closing costs . You can never save too much !
1 . Mortgage .
Applying for a mortgage can be an intimidating process , but if you prepare accordingly , you ’ ll be happy with the outcome . According to LendingTree . com , mortgage lenders are allowing higher debt levels for borrowers with lower down payments ( as little as 3 percent on a conventional mortgage loan ). You may not need the typical 20 percent down that was required of homebuyers a few decades ago . If your debt-to-income ratio is high , you may not have to worry . Mortgage companies are making it easier for borrowers with more debt to still qualify .
2 . Mortgage rates and tax limits .
Unfortunately , not all news is good news for first-time buyers . Mortgage rates are predicted to continue to rise in
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