30 years ago my husband and I bought our first home. We bought a 1200sq. ft. townhouse for $44,000 and were lucky to only have a 10% interest rate on the mortgage. Today, my daughter and her husband are looking for their first home. A home ranging between 1300 -1500 sq. ft. Will cost about $240,000 or more. What a change.
The benefit of having me as her mother is, they are very prepared to purchase their first home. Here are the things they have done to be able to act quickly in the crazy real estate market.
They hired a professional realtor to help them find the perfect home. This is not a job for a homebuyer to pursue online if they have no experience.
They have reviewed the credit profiles with all of the rating service. If you were to find something incorrect, or that need addressing in your credit file, the time to do this is before trying to buy a home.
They have been saving for two years to build up as close to 20% for a down payment as they could.
They have been pre-qualified for a mortgage. If you get pre-qualified, once you find the home you love, you can start negotiations right away.
Buying a home has changed A LOT in 30 years, make sure you have all your ducks in a row before you start looking for your home.