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In 2014, millennials accounted for the largest percentage of homebuyers, making up 32 percent of all home purchases. As the younger generation enters the realm of homeownership, it should come as no surprise that 33 percent of homebuyers in 2014 were first-time buyers.
If you're ready to embark on the journey of buying your first home, you'll undoubtedly face a myriad of unfamiliar decisions. To help you navigate this exciting process, we've compiled a list of the 10 most common questions that homebuyers ask real estate agents.
Question 1: "I'm ready to buy a home. What should I do first?"
While attending open houses can be thrilling, it's vital for homebuyers to take the initial step of getting pre-approved for a loan. By doing so, you can gain clarity on how much house you can feasibly afford and establish a firm budget. Additionally, sellers are more likely to take your offer seriously if they know that the home falls within your pre-approved limit.
Question 2: "Does my credit score impact my home loan?"
Your credit score plays a crucial role in determining your eligibility for a home loan and the amount you can borrow. Typically, a score of 580 or higher is necessary to qualify, but we recommend aiming for a score of 620 or higher. The higher your credit score, the more favorable lending terms you may be eligible for.
Question 3: "How many homes should I view before making an offer?"
There's no definitive answer to this question. Some fortunate individuals find their dream home right away, while others embark on a longer house-hunting journey. Take the time to view as many homes as you need until you find the one that perfectly aligns with your needs and preferences.
Question 4: "How do I search for a home?"
Begin your search by browsing MLS listings on reputable real estate databases, such as Homes.com. Refine your results by filtering for homes within your price range, as well as the desired number of bedrooms and bathrooms. Your real estate agent can also assist by conducting additional research and providing recommendations based on your specific criteria.
Question 5: "Is this neighborhood safe?"
While your real estate agent is unable to discuss specific crime statistics due to Fair Housing Act regulations, it's crucial to research crime data for the cities and neighborhoods you're considering. This information will help you make informed decisions and choose a neighborhood that aligns with your safety requirements.
Question 6: "Do I have to pay my Realtor®?"
Generally, as a homebuyer, you aren't responsible for directly compensating the real estate agent who assists you in finding your dream home. The seller typically pays the real estate agent listing their home a percentage of the home sale price, and in turn, the buyer's agent receives compensation from the seller's agent. You'll having closing costs associated with your loan, but you won't have to pay any real estate fees.
Remember, as you embark on the exciting journey of purchasing your first home, it's important to stay informed and ask questions. Don't avoid working with an agent because you are afraid to ask if it will cost money to work with them. By arming yourself with knowledge and working with a trusted real estate professional, you can navigate this process with confidence and find the home of your dreams.
Question 7: "What utility providers are in an area?"
Are you wondering which home service companies are available in your area? Finding the right internet provider or home service provider can save you money and enhance your new home experience. Discussing your options with a real estate agent can simplify your research process as they have access to valuable insights.
Question 8: "Do I need 20% down to buy a home?"
Now, let's talk about down payments. While different loan types have varying requirements, most mortgage lenders ask for a minimum down payment of 3 percent. FHA loans, on the other hand, demand a minimum of 3.5 percent. Remember, your specific down payment percentage will be influenced by your credit history, property type, and additional factors. Back in 2014, homebuyers typically put down an average of 14 percent.
Question 9: "How long does it take to buy a home?"
Curious about the time it takes to complete the home-buying process? Well, it can differ based on the property type and the state in which you are purchasing. On average, it takes approximately 36 days to close once the seller has accepted your offer. However, FHA and VA loans might require a few extra days, while short sales notoriously take longer—around 90 to 120 days to close.
Question 10: "How does a home purchase affect my taxes?"
As for taxes, buying a home can have several tax benefits. However, if you're not accustomed to itemizing, filing your taxes might become a lengthier process. Rest assured, you can deduct mortgage interest payments, property taxes, points paid at closing, interest on home equity loans, lines of credit, and more. To ensure you're maximizing your savings, it's advisable to consult a tax professional who can provide personalized guidance.
Feeling overwhelmed by the home-buying process? You're not alone. That's why partnering with an experienced real estate agent is invaluable. They can guide you through the world of real estate and address any questions or concerns you may have along the way.
Find Your Utah Home with Angie Clarke and UT Makes Moves / Keller Williams Realty
If you are looking for the right Utah home, then give Angie Clarke with UT Makes Moves a call. I aim to offer an exceptional relocation experience and unparalleled customer service through prompt communication, ethics and integrity, and the utmost care / concern for my clients!
Angie Clarke with UT Makes Moves is your local Salt Lake City home expert, specializing in working with buyers who are relocating to Utah. Whether you are buying or selling, I'd love the opportunity to make your relocation journey smooth and successful...I strive to provide Relocation Elevated: easing minds, building community, and finding home.
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