If you are considering purchasing a home for the first time this year, rest assured you are not alone. In 2022 first-time buyers made up as much as 26% of the total market. While this is down compared to recent years, it still represents a huge portion of the market. While home prices and interest rates have escalated in recent years, there are still great opportunities to be found as market conditions are predicted to stabilize in 2023. So, what are some of the challenges that are unique to first-time buyers? And what do you need to know before making a first-time home purchase in 2023? This guide will explore the best questions to ask your Bedford Realtor so you can be ready to purchase your first home this year.
What should I look for in my first home?
First, you will want to identify your non-negotiables. Non-negotiables are a list of requirements that you are seeking. These can include bedrooms, bathrooms, a multi-car garage, a swimming pool, storage space, and anything else that you absolutely can not live without. The home you choose must be able to accommodate all of your needs, whatever they might be. A Realtor can assist you in identifying your non-negotiables and help you distinguish must-haves from wants. Sure, a range oven and spacious bath might be nice, but these are just features that may vary from home to home. Being able to separate non-negotiables from features will help save you valuable time in your search.
What do I need to know about the community of Bedford?
You should ask about the resale value of homes in the neighborhood you are interested in. This ensures that you are making a good investment for your future. Inquire about transportation, schooling, and other considerations that may affect your decision to live there. A home is part of a community, and choosing the right community can be as important as choosing the right property. In Bedford, you will find many family-friendly neighborhoods full of working business professionals. The schools are above average for the area, and Bedford is recognized as one of the best places to live in New Hampshire. If you are relocating, be sure to speak with a Bedford real estate agent to learn more about this exclusive community.
What have homes sold for in this area?
Obtaining an overview of the sales history of a particular community can be helpful when you are considering a new home purchase. This can give you a snapshot of what to expect in your search. Your Realtor can help inform you about price ranges, different layouts, home styles, and more. Oftentimes, a Realtor can obtain a comparative market analysis, which is a report that compares the prices of various homes sold in an area. A CMA report can help both buyers and sellers have proper expectations regarding pricing. This type of report will take into consideration such factors as the property size, age, condition, and primary features such as the number of bedrooms and bathrooms.
Why is the current owner selling their home?
Homeowners decide to sell for all kinds of reasons. Perhaps their family is growing and they want a bigger home. The seller may be moving and need to relocate. Or, the property value may have matured enough so that the homeowner wants to cash in on the equity they have built over the years. Whatever the reason, it’s okay to ask your Realtor why the home is being sold.
How long has this house been on the market?
When you view a property listing online, you might see that it shows how long the home has been on the market. This can be good information to process for first-time buyers. If a property has been on the market for a long period of time, let’s say ninety days or longer, it may indicate something unusual. For one, it could indicate that the home is priced higher than similar homes on the market. This might turn off potential buyers from viewing the home, even if there are good reasons for the discrepancy in price. Perhaps the home hasn’t been staged properly, or the owner is unavailable to show the home to buyers. Sometimes, it might just be the local economy and not anything wrong with the home itself.
What is a good offer for this home?
No one wants to pay more than they have to for a home. Working with your Realtor to get a good understanding of the value of similar houses in the neighborhood can help you shape an attractive offer without leaving too much on the table. Consider the upgrades in a home when determining its value. High-end appliances, remodeling, and technology upgrades all contribute to the value of a home. If the home seems overpriced, make sure to ask why. Understanding the value of a home is the key to making sure your offer is on point and considered by the seller.
Finding a real estate agent
Before you get started, you will need to find an agent to partner with on your home-buying journey. A good agent will be knowledgeable about your local area of interest, express good communication skills, and be available to answer any questions you may have. Sure, you can do some research on your own by conducting online searches. But ultimately, there is no substitute for having an expert to guide you through the process of finding your first home. If you have questions about Bedford homes for sale, please consider working with local agent Angela Sullivan.
