First-Time Home Buyers

If you are a first-time home buyer, use the guide below for helpful hints and tips and learn how to avoid common mistakes when buying your first home in St Louis, Missouri.

 

Pre-Qualification: Meet with a mortgage broker and find out how much you can afford to pay for a home.


• Pre-Approval: While knowing how much you can afford is the first step, sellers will be much more receptive to potential buyers who have been pre-approved. You'll also avoid being disappointed when going after homes that are out of your price range. With Pre-Approval, the buyer actually applies for a mortgage and receives a commitment in writing from a lender. This way, assuming the home you're interested in is at or under the amount you are pre-qualified for, the seller knows immediately that you are a serious buyer for that property. Costs for pre-approval are generally nominal and lenders will usually permit you to pay them when you close your loan.

 

• List of Needs & Wants: Make 2 lists. The first should include items you must have (i.e., the number of bedrooms you need for the size of your family, a one-story house if accessibility is a factor, etc.). The second list is your wishes - things you would like to have (pool, den, etc.) but that are not absolutely necessary. Realistically for first-time buyers, you probably will not get everything on your wish list, but it will keep you on track for what you are looking for.

• Representation by a Professional: Consider hiring your own real estate agent, one who is working for you, the buyer, not the seller.


• Focus & Organization: In a convenient location, keep handy the items that will assist you in maximizing your home search efforts. Such items may include:


1. One or more detailed maps with your areas of interest highlighted.
2. A list or file of the properties that your agent has shown to you.
3. Paper and pen for taking notes as you search.
4. A camera to snap pictures of homes you have toured to help you remember your favorites and features you really liked.

 

• Visualize the house empty & with your decor: Are the rooms laid out to fit your needs? Is there enough light?


• Be Objective: Instead of thinking with your heart when you find a home, think with your head. Does this home really meet your needs? There are many houses on the market, so don't make a hurried decision that you may regret later.

• Be Thorough: A few extra dollars well spent now may save you big expenses in the long run. Don't forget such essentials as:


1. Include inspection & mortgage contingencies in your written offer.
2. Have the property inspected by a professional inspector.
3. Request a second walk-through to take place within 24 hours of closing.
4. You want to check to see that no changes have been made that were not agreed on (i.e., a nice chandelier that you assumed came with the sale having been replaced by a cheap ceiling light).


All the above may seem rather overwhelming. That is why having a professional represent you and keep track of all the details for you is highly recommended. Please contact us directly to discuss any of these matters in further detail.

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feature image of Got What It Takes To Sell Your Home? Here Are 6 Habits of Successful Home Sellers
Got What It Takes To Sell Your Home? Here Are 6 Habits of Successful Home Sellers
Selling a home can be a complex and stressful process. Even in the best market conditions, whether you're a seasoned pro or a first-time home seller, reset your expectations and adjust your sales strategy accordingly to get your home sold for the price and terms you want.  This guide outlines six of the best habits of highly effective home sellers. However crazy the real estate market gets, you can adapt these practices—from being proactive in maintaining your home to having the right mindset—to help achieve your goals and sell your home at the best possible price. One of the best habits successful home sellers have in common? They hire a good, reputable realtor. Not only do real estate agents have the knowledge and experience necessary to help you with all the key points of the sale. They also have the network and tools to boost your home's marketability.   Even if you think you understand the complicated process of home-selling and have the talent to go the FSBO (For Sale By Owner) route, you must still be familiar with the laws and regulations of the real estate industry. Having a listing agent by your side to answer any questions, set the right price for your home, vet offers, avoid wire fraud, and negotiate deals on your behalf will ensure you avoid pitfalls and/or unexpected headaches. Successful sellers recognize what a realtor could bring to the table. You don’t go to war without wise guidance, after all. One of the biggest temptations when selling your home is to list it “as is,” which means the property is being listed in its current state without making any repairs. But putting your home in the market “as is” can seriously limit your pool of potential buyers. Aside from the fact that your home might not get the first good impression that is critical to a successful home sale, buyers might not be able to secure financing if the property is in poor condition.    While you might not want to invest a lot of time or money into your home, it's best to address essential repairs and prep it before selling. The cheapest thing you can do is to schedule a deep cleaning and decluttering. Then, take care of any necessary repairs and touch-ups, like fixing that hole in the screen door or refreshing your carpets. Be proactive in ensuring your home is in tip-top condition so you can present your home in the best light possible to attract offers, especially in a slow housing market. Setting a realistic price that aligns with the current market is crucial in securing a home sale. If the home is overpriced, you can lose out on a lot of potential buyers and lose precious momentum. The property then stays on the market for longer, and you will have to gradually slash the price. Buyers might think there's something wrong with the property and that you’re desperate, opening doors for them to present lowball offers.   Although pricing a home can be tricky, the key is to not let your emotions guide you in coming up with a pricing strategy. Instead, work closely with your real estate agent to perform a comparative market analysis on your home. They will look at recently sold properties in your area to give you a better idea of a fair price range for your home. When your home is priced right, you’ll attract serious buyers and increase your chances of a successful sale. When selling your home, it's in your best interest to stay open-minded throughout the whole process. Understand that the highest offer might not necessarily be the best, especially when there are other factors to consider. Broaden your perspective beyond the price tag and consider the buyer’s overall financial profile, the contingencies presented, and the closing timeline, among other things. Cash offers could also go sideways when there’s been a change of heart from an investor or a wealthy buyer. Keeping an open mind and a willingness to negotiate is the key to an effective sale. Flexibility is the name of the game for many successful home sellers. They plan for showings, making sure that their home is ready to accommodate prospective buyers and that they have somewhere to go during the house tour. They're also open to possible last-minute requests and are generally as flexible as possible, especially during showings in the evenings and on the weekends. This can help build trust and credibility among buyers. The more people can tour your home, the better your chances of receiving a strong offer, especially in slow real estate markets. For many people, pets are considered as part of the family. They probably have their favorite spots in the home, together with their bed and toys. But when it comes to home showings, it's best to not let them roam around the house. A potential buyer could be allergic to pet dander or just don’t like pets at all. Also, your pets could bolt for the door and escape while there’s an ongoing tour. The last thing you’d want is for the buyers to get distracted and not be able to focus on your home and its condition.    So take your pets with you when you schedule a showing. Since first impressions are critical, remove any signs of them and clean their areas. If you can’t take them with you, make sure to keep them in a comfortable spot in the home and give your agent the heads-up on what to expect.
feature image of Think Your House Is Haunted? Here's What’s Really Going On and How to Fix Those Spooky Problems
Think Your House Is Haunted? Here's What’s Really Going On and How to Fix Those Spooky Problems
Something is creaking on the topmost floor, and yet you all know that no one's there. Why did your door slam shut seemingly by itself? Could ghosts be causing your lights to flicker? You love your home, but it seems to be producing a variety of creepy and unexplainable noises. Sometimes, experiencing only one or two things is enough to suspect your house might be haunted.   And since it's Halloween, it’s easier to think that there must be some supernatural connection to these eerie property issues. But before you get the jitters, chances are that a lot of these ‘hauntings’ and happenings have not-so-scary reasons as to why they occur. Here’s a look at some of the most common issues in your home that may be causing the hair on the back of your neck to rise, and a few simple fixes to ease your mind. Spooky problem #1: Flickering lights Are the lights in your home turning on and off at random times? It's easy to regard this as a paranormal phenomenon, especially if you’re home alone and need to go to the bathroom in the wee hours of the morning. But rather than ghosts or ghouls causing this unearthly scene, the flickering is most likely due to faulty wiring, loose bulbs, or fluctuating voltage.    In older houses, flickering lights were almost expected since electrical wiring wasn’t always up to modern standards.   The fix: There could be a dozen reasons why lights flicker, and many of them can be dangerous. You could do some minor fixes, such as making sure you installed the correct bulb with proper wattage or that the bulb is tightened properly. And instead of calling an exorcist, get a licensed electrician to inspect your property. Depending on the age of your home and whether there have been any electrical upgrades performed, you may have knob and tube wiring which can become loose or damaged over time, a defective switch, or an overloaded circuit — all of which should be handled only by a professional to ensure that your home is up to code. Spooky problem #2: Creaking floors It's the middle of the night and you’ve stopped whatever you’re doing to listen closely. It’s that creepy creaking noise! No wonder you’ve got goosebumps. But several potential factors could be the reason for your home’s creaking floors. The paranormal, fortunately, or unfortunately, isn’t one of them. Creaking spots are common on hardwood, laminate, vinyl, or even carpeted floors. The change in weather in regards to humidity and cold can cause your substructure to expand and contract seasonally.  Likewise, sounds that resemble footsteps can be due to the settling noises in the structure, which are common occurrences in homes with larger open spaces or attics. An improperly fastened subfloor can also cause creaks when you walk over areas where screws or nails may have loosened or possibly were not fastened correctly.   The fix: Hiring a handyman or a carpenter is your best bet to fix the problem. Since your floor joists can buckle and twist due to weather or settling, you may require joist bridging to help eliminate the twisting and causing further issues which result in more creaks. Spooky problem #3: Cold spots in certain areas Cold spots don't automatically mean there’s a ghost nearby or a spirit passing by. Cold spots are common, especially in older and multilevel homes. They may be due to insulation not being properly installed, is actually nonexistent, or was damaged in some way. Or it could be due to some gaps or cracks in windows or siding that are letting in more air, causing a cold spot or draft.    The fix: There are several ways to eliminate cold spots. You may add insulation and seal any gaps under doors and windows by using caulk or weatherstripping. If there’s an issue with your HVAC system itself, an expert will be able to offer solutions to fix it. Spooky problem #4: Doors that open or close on their own Whether or not you believe in the supernatural, doors that would slowly creak open on their own feel like a scene from any horror movie. Rest assured, it's only normal because as the house begins to settle over time, the door frames can become unlevel and out of plumb. This can cause the weight of the door to close or open on its own.   The fix: To stop being haunted by a door that’s opening and closing by itself, it’s better to bring in a qualified carpenter to align the hinge and fix the issue, especially if you can’t DIY. Spooky problem #5: Scratching inside the walls and/or in the basement Hearing scratching noises and scurrying at night? It can be terrifying, yes. But with the colder months just around the corner, the more plausible explanation is that there may be critters in your wall. Animals such as rats, squirrels, and even skunks and raccoons, can find their way into your home through openings in your crawl spaces and cause a variety of problems. Moreover, the bacteria from their wastes and/or carcasses can become airborne and cause toxic health hazards.   The fix: Unfortunately, calling Ghostbusters in this kind of situation isn't gonna help. Depending on what critter is involved, a pest- or animal-control service may be what you need. You can also mitigate the problem by investigating and sealing off possible entry points with a metal screen or wood. Clean your backyard and garage, keep your garbage cans clean and tidy, and make sure pet food and birdseed are stored in gnaw-proof containers.