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First-time homebuyers in Denver have good reasons to feel nervous. You probably have a long list of questions without obvious answers. The following blog posts will prepare you for buying your first home and choosing the right realtor.
Just Looking? These 7 Home Features Should Be on Your Radar
Denver has a lot of variety to offer first-time home buyers. In a metropolitan area with about 2.8 million people, though, you can have so many options that making a decision feels impossible.
This blog post will help you focus on seven home features every home buyer should pay attention to. The post will help you understand more about:
- Setting a budget and getting pre-approved for a mortgage.
- Which areas of the city meet your lifestyle’s needs.
- Exterior aesthetics that match your preferences.
- Sizes and floor plans that suit your family.
- The right number of bedrooms.
- Closets and storage space.
- Outdoor spaces for gardening, building a garage, entertaining, etc.
3 Key Real Estate Contract Terms Defined: Contingent vs. Under Contract vs. Pending
Read the entire blog post for full meanings. Generally, though, you can use the following:
- Under contract: The buyer has made an offer, and the seller has accepted it, but there’s still a chance the deal could fall through.
- Contingent: The home is under contract, but the deal will not close until some contingencies are met, and both parties decide to move forward.
- Pending: The contingencies have been met, and the deal is moving forward. It’s possible — but unlikely — that the house will go back on the market.
Even when you know the process, first-time homebuyers in Denver should consult real estate professionals to improve their negotiations and understand every aspect of their contracts.
Worried About Home Buyer’s Remorse? These 5 Tips Will Help Avoid Regret
A home is probably the biggest asset you will ever own. You don’t want to buy one that doesn’t meet your specific needs and preferences. Making the wrong choice could mean that you get stuck for years in a home you don’t like.
You can lower the risk of home buyer’s remorse by:
- Setting and following a strict budget.
- Making a list of non-negotiable features your house must-have.
- Giving up your search once your offer has been accepted (what’s the point of looking at other homes once you’ve made a decision?).
How Do Mortgage Rates Impact the Real Estate Market?
Mortgage rates can influence how much money you decide to spend on a home. On the one hand, low-interest rates make it possible for you to borrow more money. If you borrow $300,000 with a 30-year mortgage that charges 4.5%, you will spend about $247,220 on interest. Lowering the interest rate by 1 point to 3.5%, however, means you spend about $185,000 on interest. Saving nearly $60,000 on your loan could mean you feel confident borrowing money.
On the other hand, mortgage rates can change quickly. As rates start to creep upward, buyers often get nervous because they don’t want to miss good opportunities. When homebuyers become more active, Denver’s prices can get larger.
Talk to a real estate professional who keeps a finger on the pulse of Denver’s housing market and lending industry. Good timing could significantly influence which home you choose and how much you spend on it.
Who You Work With Matters: Top 5 Concerns About Real Estate Agents
Finally, first-time homebuyers in Denver need to know that they have trustworthy, experienced real estate agents who will prioritize their needs. Some problems home buyers experience include:
- Lack of communication that slows the buying process.
- Inexperience with Denver’s real estate market and communities.
- Putting their interests ahead of the buyer’s interests.
- Lack of professionalism that puts you at a disadvantage during negotiations.
While it won’t affect you when buying your first home, you should also consider whether a real estate agent takes marketing seriously. You will probably want to sell your house in the future. It’s great to use an agent you already have a relationship with. If the agent doesn’t take marketing seriously, you can forget about using them to represent your sale.
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