VIDEO: FIRST-TIME HOMEBUYERS
Today, Pey Behin dishes out his tips for First-Time Homebuyers, especially in the Washington, D.C. Metro area. In addition to these tips, look here for information on getting preapproved for a mortgage and the earnest money deposit, both essential videos for the first-time homebuyer!
“Hello, hello, hello. This is Pey Behin, Keller Williams – AI Realty Group. Today, I’m talking to you, the first-time home buyer.
The topic today is a little bit more of advice geared for the first-time home buyer. I understand this can seem difficult. It’s the biggest purchase of your life. It’s the age-old question, right? What do I do? Do I rent? Do I buy? Maybe a little nerve-racking. Who could possibly be afraid to commit in this day and age?
One thing people may not realize is, if you’re renting or if you own, one way or another, you are paying somebody’s mortgage. You just have to decide whose mortgage do you want to pay? If you’re going to live here possibly for three to four years, it’s a smart decision to buy. You might be asking yourself, “Pey, why do you say that?” I will tell you. That’s because, when you sell a home, it typically costs about 7% to sell between agent fees and closing costs. Now, that 7% is made up over the appreciation you will accumulate in about three to four years.
Probably the number-one question I get asked, how much do I need to buy a home? Most people think it’s 20 (%). You might be shocked to learn that is not even close. 1, 2, 3% to put down, but what most people don’t know is you need an additional 3% in closing costs. Now, sometimes, not always, sometimes, depending on the home and the situation, how long it’s been on the market, what the price is, we can ask for the sellers to pay for your closing costs. “What do you mean? The seller’s going to pay for me to move?” The seller wants to get rid of his house. If it means giving you a credit, it might happen.
Another thing that most people don’t know is that, if you’re buying a home, the seller will actually pay for your agent’s commission. You don’t pay for it. The only thing that you pay is a broker’s admin fee, typically just a few hundred dollars.
Now, these days, there is a whole slew of ways to buy a home without ever talking to an agent. Would I recommend that? No. Now, obviously, I’m a little bit biased because I work for a full-service brokerage. In my opinion, discount brokerages give you discounted or limited service. This is the biggest purchase of your life. You’re going to want somebody to sit there, hold your hand, guide you from start to finish, and answer all of your questions. Please, please, please do not Google information. There is so much misinformation on the internet. It’s why we’re making these videos. Please, for the love of God, do not listen to Zestimate.
Talk to your friends. Talk to your family. Then, talk to your coworkers. See who they used as their agent. See what they liked about them. Do your research. You can interview agents. A good agent will give you a buyer’s 101 the first time you meet, talk about the process, and let you know what to expect. So please do not get lured into the internet. Ask your professional. Do not go with discount brokerages. Don’t look up information online. Call, text, email your realtor. We even Snapchat.
That’s Pey Behin, email’s below. I would be more than happy to answer any of your questions. You can find me on Facebook, Twitter, Snappychat, the ‘Gram, all the same name. Pey Behin signing off til next time.
On Facebook, Snappychat, Instagram, Tweeters … Did I say Tweeters?”
CONNECT WITH PEY BEHIN ESTATES ON SOCIAL MEDIA:
Facebook: PeyBehin http://www.facebook.com/peybehin
Instagram: PeyBehin http://www.instagram.com/peybehin
Snapchat: PeyBehin http://www.snapchat.com/add/peybehin
Twitter: PeyBehin http://www.twitter.com/peybehin
Music provided courtesy of Ilana Tarutina
Song, “Bad Guys” (Instrumental Version)