The home buying process can be daunting for first-time home buyers. As home prices soar, so does the the demand for affordable houses which are in short supply. Luckily, Century 21 Alliance Group is here with the do’s and don’ts for buying your first home!
Century 21 Alliance Group Owner & Broker, Jeanne Sommer advises future homeowners to shop for the mortgage before the house. “It’s a common mistake for first-timers to find a house before meeting with a mortgage lender.”
Sommer also emphasized the importance of finding a loan and lender that’s best for YOU.
“It’s important to know each lender is different,” said Sommer. “Some require 3.5% down and others don’t require a down payment at all.”
Once you’ve spoken with a financier and know what you can afford, it is finally the time to start looking at house selections. Similar to bigger housing markets such as Chicago, the housing inventory in Porter County is limited and fierce.
”Our challenge right now with first-time homebuyers is limited inventory,” said Sommer. “Houses under $250,000 in this area can go in a blink of an eye.”
Sommer said the best way to combat the fast-paced market is by doing your own search.
“You have to act fast,” Sommer added. “Once you see a house you like, contact the realtor right away.”
“There are three things you look at when you’re looking at homes - price, location, and amenities,” Sommer noted. “Sometimes it can be difficult finding a home that meets your desires and if it is, then one of those three things might need to be adjusted.”
Julie Johnson, a broker for the real estate group, loves to help first-time home buyers and worked with more than a dozen first-timers last year. Johnson explained the trends she and her team saw last year.
“Are they buying their dream homes? No,” Johnson added. “Is it a fixer-upper? Some are but it varies by price and location.”
Johnson explained the housing price in Porter County has gone up every year due to supply and demand. The demand is high right now but the supply is low which translates to higher listing prices.
There’re many things that go into purchasing a house and it’s important to have the right realtor to hold your hand as you embark on finding your new home. Fortunately, the Century 21 Alliance Group is here with their amazing staff to assist. For more information on available listings, visit www.21alliance.com/featured-searches/help-me-find-a-home/.