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First time home buyers must be careful when purchasing their dream home. If it is your first time buying a new home in the Yakima real estate market, you would not want your hard earned money to be put to waste in the wrong one. Let us first have a quick look at some of the mistakes that first time home buyers often make.
If you are considering the current state of the Yakima real estate market, you’ll notice that many agents are aggressively competing for new clients. In such a situation, it is important to make sure that you are working with a dedicated full-time Yakima real estate agent with the experience necessary to recognize a good deal and negotiate on your behalf.
Often first-time home buyers interested in a home will call the agent listed on the sign in front of home they are looking at. It is important to understand the roles of real estate agents when they work with buyers and sellers. The agent listed on the sign in front of the home was hired by the seller to sell his or her home. That agent’s job is to represent the interest of the seller in the transaction. Though the law does provide realtors with the ability to represent both sides as a dual agent, it is often a better strategy to work with your own real estate agent that represents you as a buyer.
Another common mistake that first time home buyers make is not determining how much home they can really afford before starting their search. Many first time home buyers start by looking at homes based primarily on aesthetics and features. To avoid this mistake the first thing you should do is get a pre-approved for a mortgage. This will let you know how much house you would qualify to finance and how much down payment would be required.
Keep in mind that you have to pay the house’s insurance premiums, mortgage, maintenance, property taxes and HOA fees, if applicable. These things add up and many first-time home buyers don’t have the experience to recognize the real costs of home ownership and end up committing a much larger portion of their budget to their home-ownership than they later find they are comfortable with.
Skipping a home inspection is a mistake that should be avoided by first-time home buyers. Note that most residential real estate agents are not construction experts, and some in the business know surprisingly little about what it takes to maintain/fix up a home. This is one reason working with Andrew Richardson and/or Ed Keniston is a good decision as they are experienced with updates, and extensive remodeling to homes. Offers made on homes can be made contingent on your approval of the home passing a professional home inspection. Additionally, it is important to ensure the inspector you hire is reputable. Check to see that the inspector has obtained certification through the American Society of Home Inspectors. These important steps and more will be addressed in detail while working with Ed and Andrew.
Purchasing a home is a large investment of your hard earned money and time. With this in mind, it is necessary to have patience and employ a proper approach to find just the right house at a price that fits your budget. The Yakima real estate market in its current state offers first-time home buyers with many great opportunities. This is definitely a buyer’s market, so having exercising the patience necessary to do it right will pay big dividends in the years to come.
If you’re ready to get started on finding your first home give Andrew Richardson a call at 509-833-2696 or Ed Keniston at 509-952-6011
