10 First-Time Home Buyer Tips to Compete in a Seller’s Market

10 First-Time Home Buyer Tips to Compete in a Seller’s Market

With many houses selling for over asking price with multiple offers, how can first-time buyers compete in what seems to be a firmly entrenched seller’s market? 

Here are ten tips for first-time home buyers to help navigate the process of buying a home in 2022.

Here are ten tips for first-time home buyers to help navigate the process of buying a home in 2022.

Set Realistic Expectations

In a hot housing market, you may have to compromise on your wish list to secure a home. 

Don’t Fall Into the Trap of Being House Poor

Jeff Cooper, a personal finance blogger, cautions first-time home buyers not to take what the mortgage lender tells you at face value. 

Buy What You Can’t Change

While the location isn’t everything, it certainly falls under the category of something you can’t change about a house after you’ve bought it.

Understand the Hidden Costs of Homeownership

You are also responsible for things like property taxes, insurance, HOA dues, utilities, and more. 

Get Pre-Approved Before Making an Offer

In today’s hot real estate market, being pre-approved for a mortgage is almost a prerequisite for submitting an offer.  

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