Thread: First-Time Buyer: Any Advice Welcome!

Even though I am a Realtor I did work for five Fortune 500 companies at one point and moved around considerably. Over that time I began doing my house hunting in the following steps. For me it became very efficient.

1. Determine the type of lifestyle you desire and a reasonable price range you can afford. i.e. what type of activities you prefer, type of schools, social or athletic events you wish to pursue, and distance from work you wish to live.

2. Interview a few Realtors that are knowledgable enough about the areas that will meet those needs. Choose one Realtor and create a list of areas to begin reviewing.

3. Begin online shopping of the areas suggested by the Realtor and research each including price, types of homes/condos, location, schools, ethnic breakdown, crime rate, local activities, etc. Rank each area starting with your first choice.

4. Give ranking to Realtor and have them begin pulling some homes for you to view around the areas you desire. Give them the list you created in #1 and they will focus the homes they pull to meet what you desire. At same time get pre-approved to verify price range you can afford.

5. Find your home.

If you have the time and are in the area you will move spend one day driving around. You will learn much.

That was my approach everytime I moved and it worked great. It may not be suitable for everyone. I usually found a home within a week. Every home I owned except for one earned equity once it was sold. You can say this was luck but we never fell in love with a home. We found a home that met our desires, was priced well, and in a desireable neighborhood.

As for the price of a Realtor they usually earn 3% of the sales price. That is not always the case but the industry norm. It is negotiable but most Realtor's I know need to earn a living and are unwilling to change that value unless the homes you are seeking are in the upper end on price.

I do have a personal opinion to relay. I don't know your area but of all the locations I have lived except for one (Florida) condo's are not good investments as a general rule. Unless buyers are retired, have no desire for maintenance, and get along well with close neighbors I tell my clients the true disadvantages of owning a condo. Once they see the numbers in my area most change their mind.

Get pre qualified by a bank in the area. Commissions are paid by sellers in most cases. Shop a little on your own and select an agent that is active in the area.

Good Luck

I agree with talking to a lender first so you know how much you can afford to spend. DO NOT use those internet lenders, talk to some lenders in the area you want to move to. This will save you a lot of headaches in the long run and they all charge the same thing with the same interest rates.

Oh my gosh, someone local to me finally! I can tell you exactly what to do...

CALL ME! hahaha.

In all seriousness the first step is to know where your finances are (how much home can you comfortably afford to buy), and that really starts with a mortgage broker or bank. Realtors certainly have ability to lead you in the best direction for this, but if your credit is great and you have a good relationship with a local bank then that would be a good place to start. If your credit is not A+ or your young and have not had time to build these relationships then you should work with a realtor to find a mortgage broker who he/she has a good relationship with.

In regards to finding your home in Maryland you should contact a local realtor/realestate company with the best relo service (relocation department), this is free of charge to you on both ends and will provide you with the absolute best service from your Boston location. Im not sure if im aloud to start yapping out places to go here in a forum (im just not sure if they look at that like advertising) but since Boston is my home town and Maryland, Virgina, and DC are where my most of my family are from I'm sure i would be in the best position to lead you in the right direction. If you Private Message me i would love to help you...

Originally Posted by Greg

I agree with talking to a lender first so you know how much you can afford to spend. DO NOT use those internet lenders, talk to some lenders in the area you want to move to. This will save you a lot of headaches in the long run and they all charge the same thing with the same interest rates.

I'd probably also recommend them to research about the area too and the factors like lenders and bank in the area so that they know how will they approach it. The way I do it is to reasearch first on my own so that when I meet lenders, I can ask as much questions as possible to clear me of the possible considerations or aspects on lending or whatsoever.