Paul answers the #1 question from First Time Home Buyers.
Two questions will help you determine whether or not now is the time to start the process of buying your first home. If you found the perfect home tomorrow, would you be willing and able to submit an offer for purchase? If “yes,” would you then be willing and able to close on the property within the next 60-90 days? If this answer is also “yes,” then you are ready to move on to step 2.
Duration: 1 – 3 days
To kick off the process, you will need to speak with a mortgage lender in order to get pre-approved for a home loan. This helps you determine what price point you can afford, the down payment required, and what your monthly payment could be. The Wistrick Team has several preferred lenders that would be happy to walk you through the process. (Beware of online lenders that will request insufficient documentation and quote inaccurate rates before determining whether or not you are qualified.)
Duration: Up to 30 days
Shopping for homes online won’t get you very far, and getting in to see homes isn’t easy without a guide. That’s why you need your own personal real estate agent who knows the in’s and out’s of the process and looks out for you every step of the way. Paul with The Wistrick Team will meet with you in person to explain the process, answer your questions, and discuss ideal criteria for your first home. Once your custom home search is set up, let the home showing process begin!
Duration: 1 – 3 days
Once we find the home that is right for you, we will then submit an offer and negotiate the deal. The negotiation process will likely go 2-3 rounds between buyer and seller before officially going under contract. Once under contract, we will then schedule the home inspection, appraisal, and finally, the closing date. Our team will walk you through every step of the contractual process to ensure you are protected and proactively informed.
Duration: 1 day
It’s finally time to celebrate what will surely be one for the record books! All of your questions will have been answered, and it will now be time to meet Paul at the attorney’s office to sign the final documentation and pose for a photo op with the keys to your new home.
Does the idea of home ownership sound unrealistic, intimidating, or even pointless? There are a number of reasons why people continue to rent before ever considering home ownership. But there are also reasons why choosing to wait leaves more money on the table than most renters realize. Let’s do the math on a $250,000 home with 4% annual appreciation.
Year 1: $10,000 appreciation = $260,000 new total value
Year 2: $10,400 appreciation = $270,400 new total value
Year 3: $10,816 appreciation = $281,216 new total value
Year 4: $11,248 appreciation = $292,464 new total value
Year 5: $11,698 appreciation = $304,162 new total value
Not too shabby! The average total appreciation is $54,162 after just 5 years.
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