Hyattsville, Maryland, is the perfect mix of quaint suburbia and dynamic urban opportunities. It is close to prestigious schools, such as the University of Maryland, and has a popular historic district full of picturesque Victorian homes. The city also has incredible cultural life in the form of art galleries and festivals, as well as plenty of parks and trails for outdoor exploration. Due to the region’s excellent advantages, many people are interested in moving to Hyattsville. Thus, as a first-time home buyer in Hyattsville, MD, you should do all you can to be prepared to compete with other buyers. We’ve compiled the ultimate guide for what you should know about the home-buying process as a first-time buyer.
Make yourself stand out
Setting yourself apart as a home buyer could give you an edge in competitive homebuying. Here are some ways you can best stand out:
Make a strong and quick offer
Offering a competitive price above the seller’s asking price can help you stand out in the home-buying process. You should also be prepared to act quickly so that you can confidently submit an offer promptly to the seller when the time comes.
Get pre-approved for a mortgage
To prove that you are serious as a first-time buyer, you can obtain a letter from your mortgage lender to show that you are financially ready to buy a home. The seller will appreciate that you are financially capable of taking on a mortgage and may favor you compared to other home buyers who have yet to demonstrate this capability.
Waive contingencies
This requires sacrifice from the buyer; however, if you are entirely invested in a home, you could consider waiving contingencies like remodeling. The seller will see how committed you are to buying their home and appreciate your efforts to make the selling process much more manageable.
Write a personalized letter - Delete. This goes against Fair Housing Laws
Sellers are very attached to their homes, especially when they have lived in them for years. If you share similar feelings of love for their home, you should tell them. A handwritten, personal letter describing how much you love the home could have an emotional appeal to the seller that numbers simply cannot make up for.
Be flexible and gracious
Just as the home buying process can be highly stressful for buyers, the selling process can equally be as frustrating. By accommodating the seller’s preferences for when you can visit their home or move in, the seller will see how serious you are about living in their home and will appreciate your kindness.
Hire an expert real estate agent
Especially as a first-time home buyer, you will want to find an experienced real estate agent who can provide crucial insight into the buying process. The best strategy is to contact several real estate agents in the area who have good reputations or were suggested to you by a friend. You can interview agents based on your personalized needs and ask questions about their experience selling homes in the neighborhood you are interested in. If you want a reliable, expert real estate agent, be sure to contact The Foley Group of Go Brent Realty. Their team comprises experienced, highly capable agents who are happy to help you in your home search.
Be cautious of putting 20% down automatically
You will often be advised to put 20% down because you can dodge payments towards private mortgage insurance. Yet, this is not necessarily the best strategy if you do not have lots of savings. Some loans do not require a 20% down payment, and it may behoove you to save the cash for other immediate needs.
First-time homebuyers can actually put as little as three percent down and thus avoid the immediate burden of paying a significant sum. Having a financial cushion can help you cover unexpected costs upon moving into your home. In addition, if you really need to pull out savings, you can take up to $10,000 from your IRA without penalty.
Get ready to pay property taxes
Property taxes vary yearly, of course, but the average rate of property taxes in Hyattsville is 1.2%. Considering that Hyattsville is known as a highly luxurious, desirable area, you could be paying a high amount in taxes. This means that you should take the added cost of property taxes for your home into your total costs to have a more accurate gauge of what you will have to pay.
Research loans and homebuyer assistance programs
You can intelligently strategize loans and homebuyer assistance programs in many ways. For example, Montgomery County's program is an option for the latter, where first-time home buyers can get up to $25,000 in down payment assistance. These programs are helpful for those who don’t have the cash on hand for the down payment.
Typically, first-time home buyers can take out government-backed loans, which are more reliable, such as FHA and VA loans. Research which loans work best for you in your home-buying process.
Take a homebuyer’s education course
There are lots of homebuyer’s education courses that you can take to learn more about the home-buying process and dive deeper into some of the topics we have listed so far. Here is a list of some of the online classes that the state of Maryland recommends you take:
Learn more about tips for moving to Hyattsville, MD
We hope that these steps will assist you in the process of being a first-time home buyer. If you want to learn more about how we can help you find a home for sale in Hyattsville, be sure to The Foley Group of Go Brent Realty today. We can provide expert advice about home buying, especially for first-time buyers, and help you select the best neighborhood in Hyattsville to fit your lifestyle.
