BUFFALO, NY — In Buffalo, the average home will cost you more than $230,000, a significant amount for first-time homebuyers.
"It is a tough market to maneuver," said Mary Jacobs, a real estate agent for Howard Hanna.
Jacobs says that because the average home in Buffalo stays on the market for nine days, buying a home is more difficult.
"Before even talking to an agent, you need to be pre-approved. I recommend local banks," said Jacobs.
Top 7 Tips To Buy A Home:
- Get mortgage pre-approval
- Be realistic about your finances
- Find grant programs to help with closing costs or down payments
- Find a reliable real estate agent
- Do not make big purchases before closing
- Get the home inspected
- Be sure buying a home is the best thing for your family
Once you get pre-approval, remember, you don't have to spend it all.
"I got approved for $300,000, but the taxes on that $300,000 house are $8,000 a year, which adds another $500 or $600 a month to your payment," said Allen Dembski, a financial advisor for Buffalo First Wealth Management.
"It's tough here for first-time homebuyers; you do not have much equity to work with, so be patient," said Jacobs.
You can find grant programs to help with closing costs and even as a down payment.
"Some banks will even match what you deposit. There are many nonprofits and for-profits out there that can assist with that," said Dembski.
Jacobs recommends buyers find a real estate agent who is knowledgeable.
"We help navigate the homebuying process through the whole system, and that's when a really good agent comes into play," said Jacobs.
You should avoid buying big-ticket items like a car or furniture before closing.
"It could affect your credit rating and your ability to purchase the house come closing because they do a credit check," said Jacobs.
You'll want to be sure the home you want is inspected.
"As long as the house is structurally sound, then cosmetics are easy to do," said Jacobs.
Finally, while it may sound simple, make sure this home is right for you.
"Making sure that our other planning doesn't get interrupted because we bought this house," said Dembski.
