Do First Time Buyers Need a Realtor?
First time home buyers are in the exciting position of both choosing a home and making one the biggest investments in life. But are realtors necessary? I hear this question a lot from first time homebuyers.
They wonder why they can’t just peruse open houses and visit new developments where realtors are just sitting there waiting. Well, that opens the first can of worms for first time homebuyers.
Realtors usually work as either buyer’s agents or seller’s agents. That friendly realtor at the open house only represents the interests of her clients (the sellers.) That’s why I tell any first time homebuyer to team up with a professional realtor who knows the things that you don’t.
Tap Into Their Knowledge
Anybody can buy a house. But all the unknowns typically overwhelm a first time homebuyer. The great thing about working with a realtor is that you get an “instant guru” for all you questions from finding good schools, to how much less a seller might take, to “what is PMI again?”
Once you decide to work with a realtor, let them really work for you. Realtors can eliminate many homes based your requirements, so that you spend less time looking at inappropriate ones.
List your desired amenities and priorities so that your realtor really knows what to look for. Good realtors listen. You shouldn’t have to tell him 4 times that a second bathroom is a must or that you need a double car garage.
Where to Find Competent Realtors
Realtors are everywhere. Ask for referrals from people you trust. Interview potential realtors before making up your mind. Ask about their background, client load, experience and availability.
Then grab you digital a camera and a notepad, call your chosen realtor, and have fun buying your first home.
The best realtors will honor your time schedule and when you are available to look at sites. Realtors can also give valuable information about movers, local amenities and things to do, even local doctors if you’re new to town.
Remember, in addition to having professional knowledge of the real estate game, your real estate agent will be familiar with the local area. Ask lots of questions, and expect lots of information in return.
You will find that the mountains of paperwork go more smoothly if a realtor guides you through the purchase agreement. The legalities of buying a home are enormous, but competent realtors make sure you don’t skip the inspection, or spend all your time driving around an area that’s out of your price range.
But what about the price range? One of the biggest concerns that new buyers have about hiring realtors is paying the commission. After all, is it really worth it to pay realtors when you could have that money available for your new home?
Weigh this decision carefully. Don’t nickel and dime yourself out of competent advice. Especially if you have never navigated the paperwork and legalities of a real estate transaction, one of your smartest moves can be to include a realtor on your house hunting team.
First Time Home Buyer Tax Credit
A tax credit for first time home buyers is part of the Housing and Economic Recovery Act of 2008. The maximum amount of $7500 is a one-time-only tax credit, so it reduces your tax bill or adds to your refund dollar for dollar.
Tax Credit for First Time Home Buyers
Did you know that you may be eligible for the First-Time Home Buyer Tax Credit that is part of the Housing and Economic Recovery Act of 2008. This tax credit is designed to encourage first-time home buyers to purchase their first homes.
In one information packed hour, you will learn If you should buy a home or rent (buying a home is not appropriate for everyone’s lifestyle). If you qualify to buy a home, what price you qualify for How much money, if any.
