6 Things Realtors Want First Time Home Buyers to Know

6 Things Realtors Want First Time Home Buyers to Know

1. Buying Your First Home is Fun and Exciting!

As exciting as this is for you,  your agent is right there with you! There will be ups and downs. Your agent is there to keep emotions even and level so you can make the best choices possible for you and your family.

2. Your Agent Wants to Help!

The majority of agents work on commission, but that isn't the driving force. Commission is the reward at the end of a long, arduous process. Your agent won't tell you everything they have to deal with because their job is to make the deal as EASY and SEAMLESS as possible for you.

3. You Should Select an Agent You Trust!

We all have people in our lives - family, friends, and the like - that we can inherently trust. However, they are not experts in real estate. Not that you should exclude them from the process, but if you trust their guidance over your agent's, then you have selected the wrong agent AND what are you even using an agent for? You may even have an experienced former agent as your friend, but things change quickly in real estate. Market conditions, regulations, and loan programs can and do drastically change from one year to the next.

4. The Number #1 Expectation of You is Loyalty!

Back to #2, agents are paid on commission. If you think your agent is great, but you decide to write an offer with another agent - you just thanked your first agent by punching them in the gut! If you don't think your agent is doing their very best for you, discuss it with them. If they refuse to meet your expectations, then switch! However, if they are meeting or surpassing your expectations and you switch for no reason, then you just gave a potential paycheck that they were working hard to earn to someone else who hasn't done anything up to this point.

Another way to look at this is if you put an offer on a property with an agent you trust and they bring another buyer to put a second offer on the property. You are now in a bidding war and the agent's commission is going up! This would be a bad agent in my opinion, but this is perfectly legal. If you expect your agent to be loyal to you, then you should also be loyal to them!

5. It Doesn't Cost You Anything to Work With a Buyer's Agent!

I have had a few clients tell me they were reluctant to speak with me because they didn't know how much it cost just to ask me about the process! Here's good news: The Buyer Pays Nothing! The commission that a buyer's agent receives comes from the seller's proceeds. If you are thinking of buying in the next 12 months, make sure you speak with an agent first so they can get you directed on the right path.

6. You Don't Need a Large Down Payment!

Many people in my area are unaware of the USDA loan program which does not require a down payment. Let me repeat that. In my area, you can buy a home for 0% down! Another question that arises is, how good does your credit score need to be? 620 is the minimum. It doesn't take much to get you out of renting and in to owning your first home. Again, this is why it is important to speak with an agent early in the process so if your credit is low - they can assist you getting it to where it needs to be when you are ready to make an offer!