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Buying a Home

With Twin Cities Property People 

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Buying a home with Twin Cities Property People

Buy a home is a huge purchase,, probably the biggest purchase you will make in your life .It is important you chose the right real estate agent to help guide you through all the steps.

The agents at Twin Cities Property People will help assist you in finding a home, putting in an offer and negotiate the best deal for you.

We know you have a choice as to who your realtor is, we want to be your number one choice>

Are you ready to find your first home, dream home or next home.

Call Us Today (763) 373-6863

10 Tips for First Time Home Buyers
Preparing Your Finances

One of the most important tips for buying a home is that you must prepare your finances. Your new home is an investment, but a home loan is also an investment for your bank. It's looking for low-risk customers for loans, so you’ll have to show financial stability.
There are a few things you can do to prep your finances before acquiring a mortgage, according to John Cabell, director of banking and payments intelligence at J.D. Power and Associates. Pay down debt, make your payments on time, and avoid opening any new loans or credit cards. Cabell told The Balance by email that a common mistake is acquiring new debt, even if it’s well in advance of your mortgage loan application.

New accounts don’t show up instantly on your credit report. They’ll usually take at least a few weeks to appear.

Determine Your Budget Early

Your budget is going to depend on a number of factors, including the size of your down payment and what mortgage programs you’ll be using.

Banks will generally want you to maintain a debt-to-income ratio lower than 36% to ensure that you’ll be able to pay back your loan. Mortgage calculators can help you determine your monthly payment. Figuring out how much house you can afford based on your income is also important.

Don’t forget to calculate the "invisible" costs of homeownership when you're determining your budget. These include maintenance expenses and property taxes. Be wary of going over budget. This creeping trend has increased over the years. About 28% of buyers spent more on their homes in 2021 than their initial budget allowed

Don’t Buy Solely Based on the Market

The housing market is always fluctuating. There will sometimes be more houses for sale than there are interested buyers. This results in a buyer’s market. Properties will be snapped up quickly and multiple-offer situations may become more common at other times.
Timing the market is the act of trying to predict the best time to buy, and waiting until then. This could mean you’ll save some money or face less competition, but attempting to time the market is something you should avoid. There can be more than one downside to waiting for the market to change, including spending more money on rent or risking the continued rise of home prices..

Explore Your Mortgage Options

Options There are many types of mortgage loans out there, including specialized loans for first-time homebuyers. These often come with lower interest rates or reduced down payment requirements. Be sure you’ve thoroughly investigated all your options before you dive in with any one type of mortgage.
Look Into First-Time Homebuyer Assistance Look into first-time homebuyer programs. They can provide down payment assistance or vouchers toward the purchase of a home. These can save you tens of thousands of dollars.

Negotiate Thoroughly

;Understanding how to negotiate is key, and this is another situation in which a real estate agent can be invaluable. You may have to negotiate if the seller doesn’t accept your initial offer. You may also have to do so if the home inspection turns up issues. It’s often possible to work with the seller to have these repaired before you purchase the property. You can also ask for a credit against the sale price so you can have the problems fixed yourself.

Be ready and willing to negotiate with the seller in order to get the best deal, and don’t be afraid to walk away if you can’t come to an agreement. There’s always another home.

Compare Several Loan Officers

Each bank charges its own set of fees, and this can lead to some fairly significant differences in costs. You’ll also find varying annual percentage rates (APRs) at different banks, so getting more than one offer is critical to finding the lender that suits you. Don’t neglect to get a preapproval letter from your bank once you’re ready to start home shopping. Many sellers require that you have one before they'll accept an offer on a house.

The number one mistake that first-time homebuyers make is failing to prepare before going home shopping, according to real estate agent Jason Zaitz. “It's crucial in any market to ensure you have a preapproval letter with a local lender just in case you find the perfect home during your first time touring homes,” he told The Balance by email.

Make a “Must Have” Home Feature List

 It can be easy to start adding things to your list of needs and wants when you start touring homes. But you’ll want to make sure that the list is true to what you really desire. Is location important to you? How about schools? Does the home need to be turnkey, or are you up for a renovation project? Remember that there are many things you can change within a home, including the kitchen, backyard, bathrooms, and bedrooms. What you can't change is the location or the lot size. Keep this in mind when you're determining your "must haves."

Hire an Agent

A real estate agent is an expert at their job, which is to find the house that best suits your needs. They’ll be able to tell you if a home is properly priced, whether the neighborhood is good, and how quickly properties are selling.

They’ll also be able to negotiate on your behalf and prepare the required paperwork for you.5 It’s possible to do this all yourself, but an agent is almost always a better option as a first-time homebuyer.

Don't Skip The Inspection

Don’t Skip the Inspection A home inspection is meant to uncover problems with the home’s structure, plumbing, roof, and other parts that could be very expensive to repair.

You may have a keen eye, but a professional is going to be better equipped to examine the property. You’ll have to pay for it, but the inspector will send you a thorough report detailing the condition of the property when the inspection is completed.

Plan Your Offer Carefully

The offer you make will depend greatly on how the market is doing. You’ll have more leeway to negotiate if there’s less competition, but you may have to prepare for other offers if it’s a seller’s market.

According to Leo Esguerra, a San Diego, California-based agent, listening to your agent’s recommendations is key when preparing an offer. There are tons of moving parts within real estate, and an agent’s guidance can make the difference between failure or success.

This is especially true in hot markets, which commonly occur when interest rates are low, Esguerra told The Balance in a text message. You’ll have to be flexible and creative to get your offer accepted. Consider writing a personal letter to the seller, stretching your budget for a dream home, or dropping contingencies.