Buying a house can be a very big step. So, the process of house shopping and buying a home can feel very daunting, particularly for those who are doing it for the first time. This may especially be the case these days, since, in certain places, housing market conditions currently aren't the most friendly for first-time home buyers.
One housing market trend which has been happening lately that can pose challenges for individuals looking to be a home buyer for the first time is a general reduction in the availability of starter homes in the sales market. According to estimates from Trulia, there has been an overall 43.6 percent drop in starter home listings in the country since 2012. A shortage in starter homes on the market can make finding the right home at a workable price tricky for first-time home buyers.
Now, there are certain things that, even in challenging market conditions, might be able to help individuals looking to own a home for the first time with upping their chances of a house hunt going well for them and ending in a successful manner. One of these things is being properly prepared.
Some examples of preparations that can be helpful when seeking to buy a home for the first time are:
- Financial preparations. This includes things like getting pre-approved for a mortgage, saving in advance of one's house hunt and avoiding taking on big debt right before a house hunt.
- Conducting solid research prior to making any big house-hunt-related decisions. This includes carefully researching what homes are available and making sure one has a clear and accurate understanding of what condition a home they are looking at buying is actually in.
- Having a clear understanding of a real estate purchase agreement's terms prior to signing. Just as it is crucial to avoid surprises when it comes to a home's condition, it is also vital to avoid surprises when it comes to the purchase agreement for a home (given that the terms of the contract lay out the parties' rights). This is why a careful review of a real estate contract one is considering signing can be important for a first-time home buyer (and any home buyer for that matter). Real estate attorneys can help answer contract questions and other questions regarding real estate legal matters first-time home buyer’s have.