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5 Things You Should Know Before Buying Your First House

July 21, 2021
Buying your first home can be overwhelming and leave you with a thousand questions to ask. There’s no way to prepare for every twist and turn in your home buying journey, but there are 5 things you should know before you buy your first home. 

What Do You Want In A Home?

Buying a house is one of the biggest investments you will ever make, so it’s okay to be a little picky. Before you even start looking for a house, define exactly what you want and need in a house. Whether it’s a big backyard or marble countertops that would make your dream home, be sure to tell your realtor! It’s important to be realistic in the process, especially during a competitive market, but really hone in on your non-negotiables to make the home search go as smooth as possible. Ask yourself these questions

  • Can you see yourself there in 5-10 years? If not then you should continue your search.
  • Do you NEED or WANT a certain feature?
  • Where can you compromise?New Paragraph

Find Your Real Estate Agent

Find the right Real Estate Agent who is knowledgeable about the market you are interested in. This is so important for when you have housing questions such as the pricing of houses in a desirable neighborhood, how quickly inventory is moving, and average offer packages. Your agent is there to take away some of the stress of finding your first house because let’s be honest, the process can be very intimidating. 


If you don’t know where to start on finding the right Real Estate Agent, reach out to your friend and family for a referral. You can also ask your lender for a referral. You want to find somebody with experience that you can trust. For more information on finding the perfect real estate agent for you, head to our blog all about this step of the home buying process here


Making A Down Payment

You don’t have to put down 20%... you can put down 15%, 10%, and sometimes even just 3.5% depending on your loan program. When it comes to making a down payment, the choice should be guided by your current financial situation and future financial goals. This again is where your loan officer can help. It’s important to find an experienced loan officer you trust as they will act as a sort of advisor throughout your home buying process. A 20% downpayment can come out to a large sum of money that may seem impossible right now. That’s why it’s important to not only understand all your available financing options, but also to start planning to save for this upfront cost.



Home Inspections

Order a professional Home Inspection before purchasing a house even if you think the home is perfect. A home inspection ensures that you don’t come across big issues when moving into your house and saves you from additional costs after move-in. Another thing to keep in mind is that home inspections happen after your offer on the house has been accepted. If there are any deal breaker issues, be prepared to start your search again. No one wants to move into a house only to discover an extreme mold issue or problems with the exterior of the home.



Speed Is Everything

This one is huge for us here at Fairway Mid-Atlantic. When you buy a house, there are many people and moving parts involved in the process. It becomes too easy for communications to get crossed, deadlines to be missed, and files to go missing. You shouldn’t be stressing over whether your real estate agent or lender is going to respond in time for you to get your dream house. At Fairway, the speed to respond is one of core values. While there are many moving parts, we ensure that any communication, between you, your realtor, appraiser’s, attorney’s, etc., are done with speed. It is incredibly important to build a team who values speed when looking for your first home and something that shouldn’t be compromised on. 


There are many more questions you probably have about buying your first house, but these 6 things are some of the most important to know. If you have any questions about the home buying process or your specific situation, contact one of our experienced loan officers for a consultation.


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Q1 Recap

By Mikaylah Collins • April 12, 2023
We've begun to see signs that the Spring Market is here and could be robust! Here is what we know: According to NAR, home sales were up 14% in February over the previous month which marked the biggest monthly increase since July 2020. While March results are not yet published, the mortgage industry saw an increase in purchase applications for the 3rd straight month; a great sign for the housing market. Driving much of this activity is the stabilization of rates in January & February and lower interest rates this past month. We’re starting to see signs of a slowing economy and the markets are now pricing this in. This week we saw the 10-yr Treasury drop under 3.4%, a level it has not reached for quite some time and the lowest it’s been since September 9, 2022. This is great news for consumers as decreasing rates mean more home affordability. Over the past year, most markets have seen home prices stabilize if not even decline, albeit by a very small amount. This stabilization was still a relief for homebuyers as it helped to offset higher interest rates. As rates continue to decrease, we would expect home prices to again increase due to demand increases. In addition to increased demand, there is still a shortage of homes for sale nationwide and that will continue to worsen as more and more homebuyers enter the market.  So what does it all mean? Now is a GREAT time to buy a home! Rates and home prices are stable, there is not as much competition as there will be when rates do decrease, and buying a home is still extremely affordable for most. Once rates fall, we will likely see home prices rise and the competition for the shortage of homes will increase alongside it making the window of a buyer-dominated market very small.

Q1 2023 Market Outlook

By Sarah Rubin • February 10, 2023
We are well into Q1 and feel confident saying that the market appears to be stabilizing. Before we start looking forward, let’s quickly look back at the end of 2022.

Finding The Right Listing Agent For You

By Sarah Rubin • December 15, 2022
Buying a home is a huge investment and one we talk about often - BUT the flipside is that you have an opportunity to cash in on that investment when you’re ready to sell your home! While you do have the chance to cash-in, a lot more work goes into selling a home than you might think! If you are considering selling your home, working with a listing agent will help you market your home, negotiate with potential buyers, work through paperwork, and ultimately close on your home! So what is a listing agent? In its most basic terms, a listing agent is a real estate professional who represents the seller in a real estate transaction. The listing agent lists the home for sale and works on behalf of the seller to sell the home at the best price and terms for their client. Listing your home is a BIG deal and it is not a place to try and DIY. But why can’t you just grab a sign at Home Depot and try and sell yourself? Well, there are lots of reasons some of which include: Professional consultation: A listing agent will walk you through each step and tell you what to expect along the way! They should understand the specific community you’re in and the current market environment and will help you determine a competitive but realistic asking price for your home. Marketing and selling your home: Your listing agent will list your home on the multiple listing service (MLS) in order to better market your home to potential buyers. They also can make staging recommendations and hire a photographer to best show off your home and its features. They’ll schedule house showings, and can be present to answer any questions. Communication and negotiation: Communication is key to both buying and selling a home in order to minimize stress and misunderstandings. Listing agents take care of this important task, by staying in touch with interested buyers and their agents, fielding questions, handling paperwork, and negotiating the final sale price and terms. Recommendations: Seasoned listing agents might come with a list of professionals who they have worked with in the past that they enjoy working with in order to make the selling process smoother for you! Some of these professionals include: real estate attorneys or title companies, inspectors, stagers, those who specialize in home improvement AND of course trusted Loan Officers. How do I find the right listing agent for my situation? In order to find the right listing agent for you, make sure your agent is licensed and has experience, references, and a professional website where you can learn more about them and their qualifications. Most real estate agents work with both buyers and sellers, but some might specialize in one or the other. Once you find a few agents through referrals or online research, meet with them in person to ensure they meet your needs and work well with your personality. It is also important to ask questions during your meeting with them and it’s imperative that you determine what you’re looking for in an agent so you make sure you are happy with the product being delivered. Selling a home can be stressful, especially for first-time sellers. A listing agent can help by taking on some of the burden and providing the information and resources needed to help sellers make informed decisions. We work with agents on both sides of the transaction – if you have any questions or would like a recommendation for an agent in your area, please reach out to us!
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