Buying your first home might seem daunting in Chicago’s real estate market! Affordable homes sell quickly, and you can find yourself in a bidding war in popular neighborhoods. While home buying isn’t always easy, you can succeed by following some basic principles! Here’s tips from StartingPoint Realty to help you!
Learn about home buying and the real estate market. Home-buying seminars are a great way to get started! At StartingPoint Realty, we give you a truthful home buying education without any sales pitches or pressure. We offer free home buying seminars throughout Chicago and the Northwest Suburbs! We also have a ton of great information on our website, blog, and at our Chicago Resource Center! Help yourself!
Be financially prepared. Before you start looking at homes, pull your financial information together. Take a good look at your credit history and clear up any errors or blemishes. Create a budget to help you save money for a down payment. Obtain a mortgage pre-approval. Aside from your down payment, have other funds squirreled away to cover unforeseen expenses. .
Know your priorities. Make a list of your must-haves. Think beyond the number of bedrooms and baths; consider things like school districts, access to public transportation, and local amenities like parks, shopping, restaurants and medical services. Consider your lifestyle and how much maintenance you want to handle. If you don’t want to mow the lawn, rake leaves or shovel snow, you might find townhomes and condominiums preferable to the typical suburban home.
Team up with a real estate professional who specializes in first-time buyers, and knows your market. At StartingPoint Realty, we’re dedicated to first-time buyers in Chicago and the Northwest Suburbs! We’ve been helping home buyers succeed since 2004. Take a look at our team profiles! Any of our brokers would be happy to help you – reach out to one of them today!
Be willing to compromise and consider alternatives. Just about everyone would like a turn-key home that looks brand new. That might not be realistic for your price range or market! Be willing to consider homes that need a little work. If you’re having trouble finding a home in your preferred market, cast your net wider and see what “Plan B” looks like. Look for homes and locations that meet your top priorities, and be ready to compromise where you can.
Be ready to make decisions. If you’ve done your homework by attending a home buying seminar, studying the market, preparing your financing, and you know your priorities, you’ll have confidence in your decisions! Take action when you find a home that suits your needs! Make a solid offer. Include contingencies to protect yourself – we’ll explain these to you! We’ll help you write a compelling offer that stays within your budget and serves your best interests.
Be patient. After you have a home under contract, there’s a flurry of activity…and some waiting! The closing might take 45 days or so, depending how backed up the mortgage company is, and how long it takes for the bank appraisal to be performed. Last-minute snags can happen. You won’t be able to predict or control everything at this stage. Be sure to stay in the loop with your real estate broker and your mortgage lender. Take care of the action items that are on your plate, like ordering your home inspection and purchasing your homeowner’s insurance policy.
StartingPoint Realty – helping first-time Chicago home buyers!
StartingPoint Realty provides complete education and guidance to first-time home buyers throughout Chicago and the Northwest suburbs! Attend our free home buying seminar to learn about the home buying process. There’s never any sales pressure or obligation!
Check out our list of home buyer assistance programs on our website! You can also visit our Chicago Resource Center for neighborhood information and personalized assistance.
Always feel welcome to contact us for help with your Chicago home buying questions!
Ryan Gable Broker/CEO Starting Point Realty
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