First-Time Home Buyer Tips for the 2023 Market

Tips for Buying Your First Home in 2023:

1. Start saving for a down payment as soon as possible. A larger down payment can help you secure a lower mortgage rate and can also reduce the amount you need to borrow.
2. Check your credit score and work on improving it if necessary. A higher credit score can help you qualify for a better mortgage rate. You can get your free credit report at annualcreditreport.com
3. Get pre-approved for a mortgage before you start looking at homes. This will give you a good idea of how much you can borrow and can also make you a more attractive buyer to sellers. Plus, some realtors prefer you have a preapproval letter before looking at a house. You can request a preapproval on our website.
4. Shop around for a mortgage and compare rates from multiple lenders. Don’t just go with the first offer you receive. Check out the Consumer Financial Protection Bureau for some tips on how to do this.
5. Consider working with a real estate agent who has experience working with first-time home buyers. They can help you navigate the process and negotiate the best deal on a home.
6. Make a list of must-haves and nice-to-haves for your new home and try to stick to it as you search. It’s easy to get caught up in the excitement of home shopping but having a clear idea of what you want can help you make a more informed decision.
7. It’s okay to make compromises when necessary. A home may not check every single box on your wish list but if this is due to small updates that could be made, such as replacing flooring or painting walls, it may still be worth looking into.
8. Don’t rush the process. Buying a home is a big decision, and it’s important to take the time to research and make sure you’re making the right choice for you.
9. Once you’ve put in an offer on a new home, make sure to schedule an inspection and have your bank schedule the appraisal. It is crucial to ensure that the home you are interested in purchasing is in good condition and has a secure foundation, regardless of how much money you offer or how much you love the property. This will not only ensure that the seller has disclosed any significant issues before the sale, but it will also provide you with the chance to reconsider your offer or offer a lower amount.
10. Complete one run-through. You’re in the home stretch! Before finalizing the purchase, do one last walk-through of the property. It’s a good idea to bring a trusted friend or family member who might notice any issues you may have overlooked, like problems with doors or windows, appliances, or electrical outlets..