market is cooling for the first time in years, albeit as prospective buyers face higher borrowing costs., so if you’re a prospective first-time homebuyer thinking the new year will be your time to jump into the market, what do you need to do to make your dream a reality?How will I know if I can afford to buy a home?
Be it a mortgage broker or a mortgage specialist at a financial institution, these professionals will help you figure out how much you can spend on a home, which is a combination of your down payment and what a lender will provide you, said John Pasalis, president of Realosophy Realty.After you’ve found your mortgage professional, you’re going to want to assemble a “solid team” to work with you on your homebuying quest, Tran said.
“In terms of working with them, a big part of it is their agent educating them early in the process and throughout the process because it’s a difficult market right now to navigate. There aren’t a lot of homes and when we’re looking at sale prices, some of them are very confusing. It’s very challenging to come up with a good value for a home, so you want to be careful when deciding who to work with.