If you have started your home search or looking to buy a home, here are our top 3 tips for home buyers!

1. Hire an Agent

When starting your home search, make sure you consider who will be in your corner during your home-buying experience. Hiring an experienced agent will help ensure a smooth process.

The National Association of Realtors found that 41% of recent home buyers started their home search searching for properties online. Only 19% of buyers' first step was to contact an agent. The vast accessibility of new listings is great for home buyers to easily stay up to date with the happenings of their local market and quickly see properties before viewing them with a professional.

Although online listing sites can be a great resource, they do not replace the job of a real estate professional. The role of an agent goes far beyond finding and viewing properties. From previewing properties and negotiating offers to corresponding with lenders and title officials to ensure everything is set to close on your home; you want to make sure you have a professional on your side.

If you need an agent, we have many experienced agents that would be excited to have the opportunity to help you find your dream home!

2. Get Pre-Approved

Along with hiring an agent, you will want to make sure you build a team of professionals who can help make your home ownership dreams a reality. One of those people will be your lender (unless, of course, you are paying in cash). 

So, what does it mean to be pre-approved? A pre-approval is a letter from your lender stating the maximum amount you are pre-approved to purchase on your new home. This helps you set a budget for your home search so that you know you are looking at homes you can afford. You also provide this pre-approval to sellers in order to show you are qualified to purchase their home.

To be pre-approved, your lender will request information from you such as your credit score and income. These, along with other factors, will play a big role in your pre-approval amount.

Your lender and agent will also help provide you with financing options such as loan programs that will help service your needs. A myth that is still floating around is that you need 20% down to purchase your home. That is not true. There are many options to reduce upfront costs. The National Association of Realtors found that First-time home buyers financed 93% of their homes compared to 83% for repeat buyers. 

Another hot topic right now is the rise in interest rates. Your lender may talk to you about a 3-2-1 or 2-1 buy down. This gives you the ability to buy down your rate for the first 2-3 years in your home. There are also options to buy down your rate for the full term of your loan. Even if you decide to purchase in today's market with the current interest rates, remember; Marry the house, date the rate! You can always refinance in the future when rates are lower. 

3. Define Your Search

Now that you have your team together, what are you looking for? Make a list of both needs and wants before starting your search. Make sure you are looking for something that hits most or all of your needs and as many of your wants as possible. Talk about these features with your agent so they can be on the lookout for a property that fits your search.  Don't forget to stay flexible. You may need to refine or change your search as you go.  Your agent will be there every step of the way to schedule showings, negotiate offers, and check in on your search criteria.