First Time Home Buyers in Seattle

First time home buyers in Seattle are jumping in the real estate market with confidence.  There are lots of great thing happening in Seattle real estate market!  Seattle was recently picked by CNN for best expected price appreciation, one of the top real estate investment markets, and not to mention one of the top 10 best cities for families!  With the mortgage interest rates at its historic low, you couldn’t ask for a better market entry for first time home buyers in Seattle and beyond!

With no prior experience with real estate, most of the first time home buyers seek my assistance with excitement, apprehension and big set of questions.  They vary from time to time but almost all of them have similar questions and concerns about not knowing how to get started, the loan process, and etc.

How do I get started?

• The first step on your road to homeownership is to find a reputable real estate agent.  Get a referral/recommendation from your friends, family or colleagues.
• Interview at least couple of them.  This is the person that you will be working with for perhaps the biggest investment of your life; you want to make sure the agent is credible, but also someone that you actually enjoy working with and feel comfortable.

What am I looking for?

• A good agent will ask about your goals, lifestyle, wants and needs, etc.   They will ask you what your immediate and short term goals are, children or pets, and don’t forget to mention anything and everything that maybe of relevance to your home search.
• The reason why all of these things are important is because it will help narrow down to determine the types of homes and locations you want to live.  Real estate prices differ from city to city, even within a city, so the clearer you can get, the better the chances of finding the right home.

How do I finance my home?

• Qualifying for a loan is as important as finding the right home because most of us can’t purchase a home without getting financing for it.
• Again, ask around for a good referral to a responsible lender from your family and friends.  Ask your agent for couple of good recommendations as well.  They are the ones that are out there working with lenders every day, so they have the best idea of who are the most reliable and responsible lenders are.
• When you meet with a lender, you are doing much more than just qualifying for a “number.”  You want to discuss about your current work and family situation and lifestyle.
• It is important that you meet with a lender prior to starting your search.  Why?  Because most people either underestimate or overestimate what they can afford.  It is like going out on the road with no gas.  Unless you know exactly what you qualify for, you are wasting time searching in wrong price ranges or locations.  Most of the people are always surprised with the qualifying numbers.
• A responsible lender will go over few options to explore with you.  All of the loan programs have different requirements, including down payment amount, so it is a helpful process in eliminating confusion and to make an informed decision.  Ultimately, they will help you figure out how to go from A (now) to B (to becoming a homeowner).
• Also, in this competitive buyer’s market, you will not be able to submit an offer without a pre-approval letter on hand.

The information that I have provided is just to help you get started on the process.  Looking for your first home doesn’t have to be stressful.  With the right people, some goal-setting, and setting the right expectation, the process can be both fun and educational!  Contact me for a complimentary consultation!

First Time Home Buyers in Seattle

About Christy Kim