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Why you should choose us to be your Buyer's Agent
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For most families, choosing a new home is the biggest financial decision they will ever make. There are many complicated decisions involved in choosing your new home. To protect your interests and assure that you make the best possible decisions, it's important that you have an agent on your side who is an expert in the local real estate market. |
So you want to buy your first home?
Making the decision to buy your first home in Charlotte NC is a big one. Evaluating whether you are ready for this big step is critical. Make sure you are truly ready for the financial responsibility. Building equity in your Charlotte NC home is one of the best ways to build wealth, and for most people their home remains their single biggest asset for the rest of their lives.
The Soto & Ferreira Group can help you find a home in any of the following areas: Fort Mill, Concord, Huntersville, Harrisburg, Cornelius, Lancaster, Monroe, Waxhaw, Indian Land, Lake Norman, Lake Wylie, Uptown Charlotte, Ballantyne, Myers Park, South Park, Dilworth, South End, Wilmore, Plaza Midwood, Sherwood Forest, Madison Park, Fairmeadows, Lansdowne, Commonwealth, Morningside, Wesley Heights, Elizabeth, Cotswold, Eastover, Foxcroft, First Ward, Second Ward, Third Ward, Forth Ward, Merry Oaks, Sedgefield, Selwyn Park, Noda, The Arts District, Belmont, Sheffield Park, Barclay Downs, Collins Park, Colonial Village. South, North, West, and East Charlotte NC.
Step #1: Evaluate your timeframe.
How long do you plan to live in your new home? Ideally, you should remain in the home more than 3 years. If homes in the Charlotte NC area continue to appreciate rapidly, it might be possible to recover your money after 2 years. If your time horizon is shorter than that, now might not be the best time to buy. Renting can be a good way to save money until your situation stabilizes. It is important to consider the costs involved in getting into a home - closing costs alone can be significant and you don’t want to invest that money without being sure you will get it back.
Step #2: Choose a lender.
Working with a reputable mortgage broker is critical. This person will help you understand the different types of loans available, the current rate, and estimated closing costs. Mortgage companies now offer a wide range of loans some with little or no down payments. If you have good credit and your salary justifies the loan payment, mortgage companies are prepared to work with you.
Mortgage brokers are happy to discuss your situation and explain different scenarios. Choosing a broker you can trust is crucial. I have some reputable lenders that would recommend upon request.
Once you choose a broker, the next step is to obtain a pre-qualification letter specifying the amount you are entitled to borrow, interest rate, and closing cost.
Step #3: Get prequalified.
This is now standard procedure. Many mortgage companies offer online calculators so the client can understand how the numbers play out. Make sure to inquire about the current rate and estimated closing costs. A pre-qualification letter will be valuable to help you understand your price range and total investment cost.
Step #4: Partner up with a licensed Realtor.
Whether you are buying or selling, choosing a Realtor that understands your goals and situation is critical. Make sure you choose this person carefully- you will be asking them to act on your behalf in the biggest purchase of your life- make sure you are happy with your choice! Ask friends for referrals, search online, and try to talk to more than just one.
Keep in mind that sellers pay the real estate commission, which is usually split 50-50 with the buyers’ agent. The buyer pays ZERO to his/her Realtor.
A good Realtor will inquire about your priorities- what features do you have to have, what features would you like to have, what features aren’t as important. Working with a Realtor gives you many advantages, from the inside scoop on certain neighborhoods or pending new construction to tough negotiating. Even if you think you are “just looking,” having a Realtor already working with you is a huge advantage in case you find that perfect home and want to move quickly. Hesitation can cost you the house you really love.
The bottom line?
If you have the right team of professionals assisting you, buying your first home can be straightforward and immensely rewarding.
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