1. Do your research.
According to TexasLending.com, home buyers need to know about more than just the property itself. You need to collect information regarding the surrounding neighborhood, including schools, parks, recreational activities, crime rates, and any future development plans that may impact quality of life.
2. Hire an experienced buyer’s representative.
Many first-time homebuyers don’t realize they can procure the services of a buyer’s representative, typically at no cost to them. The seller is responsible for paying the listing agent’s commission, which is then split with the buyer’s agent, explains TexasLending.com. Having an experienced Realtor on your side is your best asset when looking for a new home.
3. Understand the difference between value and price.
A home's list price may not accurately reflect its value, says TexasLending.com. Some home buyers list their property high, hoping the negotiated price remains above market value. The best way to determine if the home is on par with other similar properties is to request a comparative market analysis from your real estate agent. Check the per square foot list price against homes of similar age, size, and condition. If it’s above average, even by a few dollars, you will have more leeway during negotiations.
4. Be willing to walk away.
TexasLending.com assures that, even in a sellers’ market, there will be other homes listed. First-time home buyers need not be afraid to walk away from an unfavorable deal. While this can be disheartening, often a better opportunity is just around the corner.
TexasLending.com
4100 Alpha Rd
Suite# 112
Dallas, TX 75244
NMLS# 137773
NMLS# 138112
