When Gresham locals find themselves wanting to buy a home for the first time, it’s easy to feel overwhelmed by the process. Stonebridge Mortgage Group is here to help Gresham home buyers through that process. It is our goal to keep our Gresham clients informed and prepared. We aim to help our Gresham clients in making the best decisions when buying a home for the first time. Here are a few more tips for first time home buyers in Gresham.
Find a Home Within Your Price Range
Last time, we talked about how Gresham locals can determine how much home they can afford. A good rule of thumb is that your monthly housing costs should be no more than 25% of your monthly take-home pay. Recent data from the National Association of Realtors (NAR) shows that most buyers either found the home they purchased online or through a real estate agent. Keeping in mind your limit, make use of both resources to find your perfect home. Find homes you like online and send them to your real estate agent so he will have a good idea of what you’re looking for. Your realtor can then use the multiple listing service (MLS) to find homes that meet your criteria in your desired areas.
Research Neighborhoods for the Best Fit
When you purchase a home, you’re getting more than just a home. Gresham home buyers will want to make sure that the neighborhood that the property is in is a good fit as well. Your real estate agent should be able to inform you about things like crime rates and the quality of nearby schools. Figure out how long the commute is to work. Visit the neighborhood at different times and days to check for traffic conditions, noise levels, and if people are comfortable being outdoors. You may find that a great home in a neighborhood that doesn’t work for you isn’t a good option after all.
Attend Open Houses – Think Long Term
Once you’ve figured out if the neighborhood is a good fit, attend a few open houses in the area. Gresham home buyers will be able to learn more about the area this way. When you find a house that is the right fit, you’ll have a better idea of how your place compares to other homes in that neighborhood. Consider looking for the most affordable house in the best neighborhood, as this could benefit you in the long term. If you buy at the bottom of the price range in a good neighborhood, you’ll have more room to build home value.
Make a Competitive Offer (Without Going Over Your Budget!)
Once you find a home you love within your budget, you’re ready to make an offer with your preapproval already in place. Gresham first time home buyers may not know how much to offer. This is where you rely on the expert advice of your real estate agent. Your real estate agent will be able to help you make sure your offer is competitive but also within your budget and the home’s value. Don’t impulsively make an offer that’s higher than what you can afford just to beat the competition. Follow your real estate agent’s advice.
Prepare for Closing
The closing process begins once the seller accepts your offer. It is important for Gresham home buyers to know what to expect from the closing process. Generally speaking, the average closing process takes 41 days, which gives you plenty of time to tackle closing items. Your real estate agent will prove helpful here as well. You can depend on him to schedule everything from the home inspection to final walkthrough for you and keep you informed about any roadblocks. During the closing process, it is incredibly important to read every document and ask your real estate agent to explain anything you don’t understand—especially before you sign the final contract. Once you sign, you’re responsible for what you’ve agreed to.
Stonebridge Mortgage Group Offers Guidance On All Mortgage Matters
For professional assistance with mortgages and related services, look no further than Stonebridge Mortgage Group. You can rely on Stonebridge Mortgage Group to help guide you through the entire home buying process. We help get you pre-approved for a mortgage and help with your real estate loans and other mortgage solutions, both residential and commercial. Stonebridge Mortgage Group serves the greater Portland area and is located in Gresham, Oregon. Don’t wait to get quality assistance in buying your first home!