8 Ways to Up Your Chances of Buying Your First Home

taken from realtytimes.com 9-17-19

Between rising prices, and massive competition among other eager would-be buyers, it can seem like an
impossible feat to purchase your first home. But there are ways to put yourself ahead.

1. Work with a great Realtor

You’ll need a great agent to buy your first home, especially if you’re looking in an area where the market is highly
competitive. An agent with extensive experience and good industry relationships can help find you homes that
may not be listed yet and then negotiate a winning offer.

2. Get that preapproval

It goes without saying today that you need a preapproval to buy a house. Even if you are casually looking, make
sure you talk to a lender before you head out on a house hunt. You don’t want to fall in love with something and
lose out on owning it because somebody else was already preapproved.

3. Talk to landlords

Your real estate agent should be able to locate some rental homes in your target area and initiate a conversation
about the potential of a purchase. You might have an opportunity to buy a home that isn’t even on the market yet.

4. Consider a home that needs work

You might have better luck buying a home that isn’t updated and/or staged because they can tend to stay on the
market longer. Sometimes a home that’s a real fixer-upper can be a great buy thanks to the 203(k) loan which
packages the home loan and the money needed for repairs.

5. Look just outside your target area

For young families that are looking to get their foot in the door and make sure their kids have access to great
schools, looking just outside your target neighborhood can be a great way to go.

6. Consider a transitioning neighborhood

Buying in a neighborhood that is transitioning can be tricky and you’ll have to depend a lot on your real estate
agent’s knowledge and your own gut feeling. The obvious draws of buying a home in a transitioning neighborhood
are more affordability and more home for the money.

7. Raise your budget

Some people get a number in their head and decide that’s the most they’re comfortable with spending. Consider
upping your budget by $20,000. The difference is about $100 per month and you can cover that buy bringing lunch
a couple of times a week to work and skipping one night out to dinner a month.

8. Go back to your lender

If you’re already looking for homes at your max approval amount and not having any luck, have a conversation
with your lender. There might be a way to reconfigure your loan options to get you more money to spend.
• All information deemed reliable but not guaranteed. For tax, investment or ownership advice we suggest you contact an attorney
or certified public accountant.

There is some additional great information here.