66: Home Buyers 101: Tips for First Home Purchase and Navigating the Market

In episode 66 of the FSBO Smarts Podcast, host Steve Klein takes a break from the usual For Sale By Owner (FSBO) topics to provide a comprehensive "Home Buyers 101" guide for first-time home buyers. This episode covers everything you need to know about buying your first home, from financial preparation to making an offer and closing the deal.

Steve begins by discussing the current state of the housing market, including recent mortgage rate trends and the impact of tech layoffs on home sales. He explains how these factors can influence your home buying journey, whether you're purchasing through a FSBO listing or with a real estate agent.

Key Topics Covered:

• Housing market trends and their impact on home sales
• Mortgage rate updates and predictions for 2024
• Effects of tech layoffs on the real estate market
• Importance of financial health in home buying, including credit score, debt-to-income ratio, and saving for a down payment
• Step-by-step guide to getting pre-approved for a mortgage
• Tips for finding and evaluating homes, including online search tools like Zillow
• How to make an offer, including considerations for market value, contingencies, inspections, and appraisals
• Common mistakes first-time home buyers make and how to avoid them
• Deciding between a fixer-upper and a move-in ready home

Action Items covered:

• Checking your credit score and understand your debt-to-income ratio before starting your home search
• Get pre-approved for a mortgage to show sellers you are a serious buyer
• Inspect homes thoroughly and negotiate repairs if needed
• Submit questions about buying a first home for future episodes

Tune in to gain a comprehensive understanding of the home buying process and equip yourself with the knowledge to make informed decisions. Whether you're just starting out or looking for your second home, this episode offers valuable insights and practical tips to help you navigate the exciting journey of becoming a homeowner. Don't forget to subscribe to the FSBO Smarts Podcast and leave a review on Spotify or Apple Podcasts.

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📒 Show Notes and Resources 📒

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