My mom encouraged me to make a lower offer on the townhome I wanted when I bought my first house. My tenacious agent who was familiar with my area’s comparable properties, said, “Do that and you’ll miss out on this house.” As it turned out, Mom didn’t know the best in this case. My offer was accepted by my agent, the real estate agent.
The captains of your home-buying crew are great real estate agents. If I had lowered the offer, I would probably have lost the house. I did this in an effort to save $10-20 per month over the 30-year loan. Apartment Therapy interviews many real estate agents about topics ranging from TV placement to tips and tricks for first-time buyers. These are some of their best tips and advice that they have shared with us over time.
Budgeting and home finance
- If you open other credit accounts after you have been pre-approved for a home loan, your home loan may be cancelled. After you have closed your home loan, don’t open a store credit card at the big box for home improvements.
- Don’t switch jobs during the mortgage process. This could reduce your chances of getting a loan.
- You may not have the funds to buy your first home. However, you can still make it yours and create equity.
- Good agents will care more than just how much you have been pre-approved for. They will also consider how much you are comfortable paying each month, once you take into account maintenance costs and possible HOA assessments.
- Bidding wars are common. To avoid heartbreak during the homebuying process, consider homes on the lower end budget to give yourself some leeway to make counter-offers.
- There is a margin for error in Zestimates. A real estate agent must be familiar with the local nuances and be able to look at comparable homes within the area to help determine the correct price.
- A mortgage broker can help you find alternatives to traditional bank loans if your credit is not great.