During my 24 year career as a Realtor, I have seen and heard quite a bit. Although I have been asked a wide variety of questions, these are the top 5 questions (and answers) that I have gotten over the years from First Time Home Buyers.
1) What are the current market conditions in the areas that I am looking?
Although we are able to get broad market condition reports online and in the media, real estate is very focused in nature. The location of homes is the number one factor when you start your search for data. From there, you focus in on the type of home (detached, townhouse, condo), the number of bedrooms, bathrooms, amount of land, and more. Since there are wide variety of factors, it is best to ask for a specific market report from a qualified Realtor.
Here is an example of the type of report that we are able to generate. This report is for the days on the market for townhomes in Crofton, Md. that are priced between $250,000-$600,000.
We are able to generate these for all types of criteria for our clients.
2) What are the best areas to buy a home?
First-time home buyers usually want to know which neighborhoods or areas are the best for buying a home. Factors such as safety, school districts, accessibility to amenities, and proximity to work are all important to consider. We can help answer some of these questions and point you in the right direction to find the answers for the questions that we are prohibited by law from answering.
3) How much should I budget for my home purchase and what type of mortgages are available?
This includes understanding the costs of the down payment, closing costs, and ongoing expenses such as property taxes and home insurance. You do not need to have a down payment of 20% to buy a home. There are a wide variety of financing options that include some programs where you will not need any down payment at all and you can finance 100% of your home purchase. This link will help give you some additional information on the different types of mortgages that are available.
4) Does Maryland offer any First Time Home Buyer Incentives?
Maryland does offer several different programs for First Time Home Buyers. These programs include what is listed below as well as some others. These are just some of the examples of financing options that are available. There maybe some better options for different individual circumstances. We can help offer some guidance as to what other options are available, just ask.
The Maryland Mortgage Program: The Maryland Mortgage Program provides low-interest mortgages and down payment assistance to first-time home buyers who meet certain income and credit requirements.
Maryland Home Credit Program: Maryland Home Credit provides eligible home buyers with a federal tax credit of up to $2,000 per year for the life of their mortgage, which can help lower their overall tax bill. Partner Match Programs: Several local governments and nonprofit organizations in Maryland offer partner match programs that provide matching funds to help first-time home buyers cover the costs of down payments and closing costs.
Community Development Block Grants: Some Maryland counties and cities receive Community Development Block Grants from the federal government, which can be used to provide down payment assistance and other forms of support to first-time home buyers.
It's important to note that each program has its own eligibility requirements, so it's a good idea to research and compare different programs to see which ones you may qualify for.
5) What is the role of a Buyer's agent and how much do I need to pay for representation.
Sellers pay the Buyer's agent when purchasing a house in Maryland in almost all transactions. Therefore as a Buyer you are able to be represented without the additional fees to the your Realtor. Your Buyer agent is able to represent your interests in the transaction. This includes negotiation on your behalf, advising you about available contingencies that you may want to exercise, attending inspections with you, coordinating with your lender and title company to make sure that all of the paperwork is processed smoothly, and much more.
This link provides you with How the Buying Process Works with Scott
