Why aren’t there more First Time Home Buyer Programs?
Well, the answer is because buying a home is a more individualized process than anything else as a consumer.
There are a lot of First Time Home Buyer credits, grants, and loan programs you can take advantage of, but very few top to bottom home buyer programs.
Buying your first home isn’t like walking into the supermarket and choosing which kind of fruits and veggies to buy. It’s a much more intensive process which can be very confusing if you haven’t been along for the ride before.
The comforting thing is that everyone has gone through these feelings at one point. Even your Real Estate Agent and Mortgage Officer. So you should never feel dumb for asking questions or voicing your opinions.
In fact, a good Realtor will encourage you to ask a lot of questions, and in turn they will constantly be asking your thoughts in return. The more your agent knows about your lifestyle, family, and home life, the better they will be at finding you a the right first home.
If I were to write a First Time Home Buyer Program for you, it would be different for every client, because everyone wants different things from a home, and I always strive to meet those needs in a personal way.
Often times First Time Home Buyers think that they will have to pay the agent’s commission upon the purchase of their home. THIS IS NOT TRUE in most cases.
For almost all transactions the seller will pay the listing broker a percentage of the sale price, and the listing broker will then pay your buyer’s broker for getting you (the buyer) to purchase the home. It’s called called the “Selling Broker’s Compensation” because believe it or not, the buyer’s agent actually found the person to buy the house – meaning they sold it.
READ CAREFULLY: Seller’s Broker/Agent vs. Selling Broker/Agent. The first represents the seller, the second represents the buyer. I sometimes get tongue-tied myself.
In any case, if you’re looking to buy your first home soon, don’t be afraid to call or email an agent and see what they have to offer you. Some agents won’t spend the extra time explaining the process to you, or think that you won’t be a big enough payday for them. This is NOT a person you want guiding you through the biggest purchase of your life.
Contact me and our team of buyer specialists will help answer all your questions – no cost, no obligation, just answers. Thanks for reading!
Great points, Steve. First time home buyers really need to know how much the industry has changed in the last 20 years. There are now agents who represent the buyers. They’ll be hearing lots of stories that will make them suspicious of agents, because historically all agents represented the sellers.
I like your comparisons to the grocery store. Another thought is that many people don’t think having the financing piece figured out before going out shopping is important. Using your grocery store analogy, most people wouldn’t go in the grocery store, get to the check out and then try to figure out how you are going to pay for your groceries. It’s important to have determined that process ahead of getting to the check out.
Great blog, Steve!