Tips For First Time Buyers

Monday, March 20, 2017

by Sandi Pressley

Are you a first time home buyer in Albuquerque? Buying a new home, no matter if it’s your first time or not, takes a lot of effort. Here are a few tips that can help the process go more smoothly.

Research Early

Start looking at websites and even local real estate listings in paper journals. Write down the listings that interest you and how long they’re listed, along with any changes in asking prices. This will give you a more accurate read on your local market trends. You can also sign up for email listing alerts that give you real time updates of new homes as they hit the market.

Budget

How much can you really afford? That’s the biggest question. It‘s recommended that you keep the cost of your home to less than 5 times your annual income, providing you’re making a 20% down payment and have moderate debt. Here’s a handy affordability calculator that can help.

Get Prequalified and Preapproved

You need to know how much you can spend before you start looking for a home. Work with a lender to determine how much you can afford by providing simple information such as income and how much you have in savings. This is called prequalifying. Later you can get preapproved for credit, which involves providing more documents like W-2s and bank account statement so that a lender can verify your credit.

This is just a start. But if you follow these tips it will get you on your way to buying the home in Albuquerque that best fits your needs.

HOT HOME LISTING OF THE WEEK!

2571 Clear Sky Street SW, Los Lunas $175,000