Being a First-Time Home Buyer in 2024: What You Need to Know

By Mark Spain Real Estate

The housing market is continuously changing, with today’s landscape being one of the most competitive for market newcomers. For a first-time home buyer in 2024, making a real estate purchase involves unique opportunities and challenges. However, first-time buyers can easily conquer these hurdles with the proper knowledge and preparation.

At Mark Spain Real Estate, we want to see you reach real estate milestones! That’s why we have a team of seasoned buyers’ agents ready to help you buy your first home. With years of valuable industry experience, our team is equipped with the knowledge and tools needed to assist first-time home buyers. With our help, you’re one step closer to your first-ever home! Check our tips below for first-time home buyers looking to invest in 2024. 

Hire a Real Estate Agent

Of all the first-time home buyer tips, this is by far the most important. Hiring an experienced real estate agent will completely change your home-buying experience. With exclusive industry insight and training, a real estate agent will provide invaluable advice and resources to aid your house hunt. From narrowing down a selection of potential listings to helping with offer negotiations, your real estate agent will be your right hand from start to finish! 

It’s essential to go through a thorough vetting process to find the right real estate agent for you. You’ll want to find someone with direct experience in your area with a proven achievement record with first-time home buyers. To find this individual, do a fair amount of research, conduct interviews, and request professional preferences. Doing so will ensure you find the right real estate agent for your needs! 

Budget Carefully

Budgeting is more important than ever for a first-time home buyer, as home prices and interest rates are rising. Before you even think about searching for homes, you’ll need to proactively assess your finances and cultivate a budget. Not only should this budget account for your mortgage payments, but it should also consider property taxes, insurance, maintenance, and HOA fees.

Another sector of your budget should be allocated toward your down payment. Given the market’s increasing home prices, you can expect your down payment to be pretty substantial. Down payments typically range from 3-20%of the property’s sale price. As a buyer, you want to aim toward the higher end of that spectrum, as a more significant down payment will give you a better mortgage interest rate, a lower monthly mortgage payment, and more instant home equity. 

Get Mortgage Pre-approval

Getting mortgage pre-approval is one the smartest decisions you can make as a first-time home buyer. Proactively securing a mortgage loan will tell you precisely what you can afford as a buyer. Not to mention, it will also exhibit to sellers that you’re serious about making a purchase. To effectively secure this pre-approval, you’ll want to ensure your credit score and debt-to-income ratios are strong. You’ll also want to ensure you have room in your timeline to wait for pre-approval, as it could take up to 60 days.

If you don’t have the time or proper financial standings to secure pre-approval, consider mortgage prequalification. This process is much quicker and simpler, not requiring formal applications or verified financial standings. That said, mortgage pre-qualification is also less valuable, as it only provides a ballpark estimate of your affordability rather than a concrete number. 

Schedule a Home Inspection

Skipping a home inspection is a risk you don’t want to take as a first-time home buyer. Getting a home inspection will ensure your offer reflects the home’s true value. Home inspections will reveal any damages or shortcomings with your home’s systems and structures. If significant issues are found, you, the home buyer, can lower your offer to account for repair costs or request the seller to pay for the repairs themselves. Even if your home inspection doesn’t catch anything significant, it’s always better to be safe and sorry! 

Consider Future Resale Value

While you might think your first home will be your forever home, chances are you’ll eventually move elsewhere. Whether that be for a new job in another city or for a larger home to grow a family, there are billions of reasons why homeowners choose to relocate and start anew. That said, you’ll want to consider your first home’s future resale value when making a purchase. Perhaps it’s located in an up-and-coming neighborhood or has unfinished areas that could boost its value. Ultimately, investing in a home that appreciates over time will serve as a valuable financial asset and maximize your profit in the long run.  

Buy a Home with Mark Spain Real Estate

Need help buying your first home? We’ve got you covered! With decades of valuable industry experience, the professionals at Mark Spain Real Estate offer exclusive insight into industry practices to help you make informed real estate decisions. With our help, expect a stress-free, seamless home-buying experience! 

Check out our Guaranteed Offer Program! Our guaranteed offer participants receive the most competitive all-cash offers in the industry and close in as little as 21 days. Contact our agents today to learn more about our Guaranteed Offer Program and sell your home hassle-free!

Connect with us on Facebook, Instagram, Twitter, or LinkedIn to stay up to date with Mark Spain Real Estate!