First Time Home Buyer 101

First Time Homebuyer

Here are some tips to start your search successfully if you’re ready to become a first time home owner.

As another bustling summer season nears its end, life goes on in the Lakes Region. Many visiting second-home owners plan to return to their primary residences, and many local, year-round residents are making plans to purchase their first and only homes.

What should a new homebuyer do first?

Smart buyers prioritize getting pre-approved for financing before taking any other steps.

Granted, completing mortgage paperwork is not as fun and gratifying as searching for homes online, touring properties and attending open houses. But your new home should be your refuge from the stresses of life, not the source of your stress. Pre-approval will help you establish a realistic buying budget that considers all of your housing expenses including taxes and, if applicable, association fees. Being budget wise will help you shop smart and minimize financial stress in the long run by keeping your monthly housing expenses within reach.

Pre-approval can also accelerate and focus your house hunting, and minimize the stress of the search. For example, searching after—rather than before—pre-approval will help you avoid the discouragement of falling in love with a home that later turns out to be above what you can be approved for.

Pre-approval is also important because attractive homes and good values can sell very quickly here in the Lakes Region, and it can be absolutely heartbreaking to miss out on a home that you really want, simply because another buyer is pre-approved and you’re not. Sellers take pre-approved buyers more seriously and other offers can be rapidly submitted and accepted while unprepared buyers await financing approval.

Finally, the pre-approval process will also help you determine four very important things: what type of financing is available to you, how much interest it will cost, how much money you’ll have to put down, and how long it will take to “close” (legally transfer property ownership from seller to buyer) once the seller accepts your offer.

For example, FHA loans, which are mortgages insured by the Federal Housing Administration, offer competitive interest rates and more flexible qualification requirements to homebuyers, but they may require a higher down payment and can add days to your closing schedule.

Once you’re pre-approved, shop smarter, not harder.

Once you’ve your housing budget is determined and is financing pre-approved it’s important to shop effectively because attractive properties can go off the market before you’ve even seen them!

Leverage technology to make your search more quick and effective. Start by viewing MLS listings and saving searches on a quality real estate website. Focus your search on properties that have the features you need and that are within your pre-approved price range. A good site will allow you to target your search to specific areas—like streets or certain communities. It will accurately list only currently-available properties, and will offer you the option of automated email updates when properties that match your saved search criteria come on the market.

For example, www.rocherealty.com offers enhanced, map-based property search capability, as well as extensive information on New Hampshire’s Lakes Region. Site visitors can look up individual towns and learn about their schools, businesses, home values and market trends, so they can make informed decisions about where they choose to purchase their first home.

Next, meet in person with licensed real estate professionals and establish “buyer representation” with one with whom you are comfortable. This will commit the REALTOR® to the fiduciary responsibilities of confidentiality, loyalty, full disclosure of any knowledge that might benefit you, lawful obedience, and protecting and promoting your interests as a buyer, first and foremost.

Your real estate professional will bring professional power to the search and help you find homes you may not have been able to find on your own. Sometimes they know of properties before they’re even listed!

Further, they can help you obtain valuable information on the home’s location and site, provide advice on market conditions, current prices and issues that may impact later resale values, and they can help you negotiate the best price when you do place an offer.

And it shouldn’t cost you anything to avail yourself of their services as a buyer—a real estate agent’s commission is usually paid by the seller.

Becoming a first time home owner will change your life as dramatically as the change from Summer to Fall in New Hampshire.

You can navigate that change successfully by prioritizing pre-approval for financing before taking any other steps, leveraging the best technology for your search, and establishing quality professional relationships that will help you shop smarter, not harder.

Brent Metzger is a saleBrent Metzger, Realtor at Roche Realty Group in Meredith NHs associate at Roche Realty Group in Meredith, NH and can be reached at (603) 229-8322 or brent@rocherealty.com

Please feel free to visit www.rocherealty.com to learn more about the Lakes Region and its real estate market.

Share on facebook
Share on twitter
Share on reddit
Share on pinterest
Brook Hill at Meredith: New luxury homes in Meredith, NH

Brisk Sales at Brook Hill in Meredith

Meredith— Sales at Brook Hill, a new luxury townhouse community in Meredith, have been exceptional …

Read More →

Impressive Sales at Lakeside at Paugus Bay

Laconia— Sales at Lakeside at Paugus Bay, a new luxury waterfront condominium community on Lake …

Read More →

Four Decades of Change in Lakes Region Real Estate

We were talking in the office the other day regarding how much the real estate …

Read More →
Supply and demand graph, real estate housing

The driving forces in the demand for NH housing

It is no secret that our country has seen some incredible growth in the real …

Read More →
Holderness, NH

Holderness Bridges Big Squam and Little Squam

Holderness is a lakeside community in the foothills of the white mountains on New Hampshire’s …

Read More →
high inflation

Energy & Ukraine Crisis Compared to 1970s Inflation

Russia’s invasion of Ukraine has emerged as a black swan event rattling the world during …

Read More →
Tilton, NH

Tilton — The Gateway to New Hampshire’s Lakes Region

Tilton, New Hampshire, is considered the gateway to New Hampshire’s beautiful Lakes Region because of …

Read More →
Map of USA: How Real Estate Trends affect the Lakes Region

How Real Estate Trends Affect the Lakes Region

New Hampshire’s Lakes Region & New Hampshire Can you believe a new analysis from Zillow …

Read More →
Laconia NH

Laconia, NH — A City on the Rise

The 17,000 resident “City on the Lakes” is nestled on the shores of three of …

Read More →
Two ice sailing enthusiasts on Lake Winnipesaukee.

Waterfront Sales Activity and Real Estate News

Here’s an update on the waterfront sales activity that we experienced over the past two …

Read More →
Tuftonboro, NH

Tuftonboro — “The Diamond in The Heart of New Hampshire”

Located just west of Wolfeboro, Tuftonboro is called “The Diamond in the Heart of New …

Read More →
Aerial view of Lake Winnisquam and Sanbornton, New Hampshire

The Rural Character of Sanbornton, New Hampshire

Sanbornton embodies all that one expects to find in an old New England town. This …

Read More →
Castle in The Clouds is one of Moultonborough's largest attractions.

Moultonborough’s 66 Miles of Shorefront Captivates

By landmass Moultonborough, NH is the largest lakefront community in the Lakes Region with 59.7 …

Read More →
Kevin Shaw - Roche Realty Group

Kevin Shaw of Roche Realty Group is Top Producer for 2021

Laconia— Frank Roche, president of Roche Realty Group with offices in Meredith and Laconia, recently …

Read More →
Wolfeboro, NH — The Oldest Summer Resort Town In America

Wolfeboro, NH — The Oldest Summer Resort Town In America

Wolfeboro: a Brief History Nestled in the foothills of the White Mountains and on the …

Read More →

Roche Realty Group Reports Record of $170 Million in Sales

Meredith- Frank Roche, President of Roche Realty Group, Inc, with offices in Meredith and Laconia, has …

Read More →
Meredith NH

Gilford and Meredith NH – How Do They Compare?

There are 25 towns and cities comprising the Lakes Region. This week I thought I …

Read More →

EM Heath, LLC Acquires 1084 Union Ave in Laconia

The future of Ace Hardware EM Heath LLC in Laconia became solidified this past week …

Read More →
Roche Realty Group Sells Landmark Commercial Building in Gilford, NH

Roche Realty Group Sells Landmark Gilford Commercial Building

Gilford- One of the most visible, historic landmark commercial properties in New Hampshire’s Lakes Region …

Read More →
New Commercial Constructioin in Lakes Region

Commercial Sales Increasing in the Lakes Region

Recently I’ve been outlining the sales activity for residential, waterfront, and multi-family apartments in the …

Read More →
Laconia NH Commercial Building Sale

New Owner for 8,447 Sqft. Commercial Building in Laconia

Laconia— Exciting news for the downtown Laconia district. Another substantial commercial building, including approximately 8,447 …

Read More →

Strong Demand for Multi-Family Apartments in NH’s Lakes Region

Last week I was driving through Loudon Road in Concord in the busy heights area, …

Read More →
NH Lake

Area Lakes Show Considerable Appreciation

Below you will find data and insight into what’s happening in sales activity on 8 …

Read More →
inflation in shopping center / grocery store

More Inflation Concerns

More Inflation Concerns I submitted an article a while ago titled “Is Our Current Inflation …

Read More →
Alpenrose Village Retail Center located at Rte. 11 B / Rte. 3 in Weirs Beach, Laconia

Roche Realty Group Sells Alpenrose Village Retail Center

Laconia, NH – Tom Drouin of Roche Realty Group in Meredith represented both the seller and the …

Read More →
As the Real Estate Season Turns

As the Real Estate Season Turns

“There’s hope for buyers on the horizon, with more real estate opportunity to come.” This …

Read More →

10 Things to Consider if You’re Buying in a Seller’s Market

Anyone looking to buy a home today knows they are in a seller’s market, which …

Read More →

Third Quarter Update – Lakes Region Real Estate Activity

I’ve pulled up some data to provide all of you with some current insight on …

Read More →
Home Maintenance - Person repairing wall in house

Home maintenance the difference between sold and stuck

Be honest… is your home in need of some repairs? Because the truthful answer to …

Read More →
Coins stacked up indicting inflation

Is our Current Inflation “Transitory?”

The Federal Reserve officials have described the current period of high inflation as “transitory.” In …

Read More →
ABBA Tribute performing at the Lakeport Opera House

Meet you at the Lakeport Opera House

Last Saturday, Nancy and I were invited to the Lakeport Opera House to take in …

Read More →
Picture of

The New Hampshire Advantage

All of us who live in New Hampshire’s beautiful Lakes Region certainly have lots to …

Read More →

Just like vacation seasons, vacation homes come and go

When you think about it, all homes are actually seasonal properties. Whether it’s a primary …

Read More →

Hunt for lower prices like a lone wolf

If you ever watched Saturday morning cartoons back in the day, you may recall Looney …

Read More →
Birds eye view of Lakes Region New Hampshire

Lakes Region Real Estate Market 6-Month Comparison

We are halfway through 2021 already, and as we head down the second-half stretch, I’ve …

Read More →
The "Village Store" in Gilford, NH

The “Village Store” in Gilford Has New Owners

Gilford— The “Village Store” in scenic Gilford Village, a Lakes Region landmark since 1836, was …

Read More →
Lakes Region NH - aerial view of Lake Winnipesaukee NH

Lakes Region Waterfront Sales Comparisons

I thought I would look at the real estate activity on the Lakes Region’s four …

Read More →
Island Living on Lake Winnipesaukee in NH - aerial view of Welch Island, Lake Winnipesaukee

Island Living on Lake Winnipesaukee

The thunder of motorcycles has arrived in the Lakes Region. After a long year of …

Read More →
summer fun in nh - swimming in the river

Summertime Adventures Around the Lakes Region

Memorial Day weekend has arrived, and all of us are excited to kick off the …

Read More →
Are we in a real estate bubble?

Are We in A Real Estate Bubble?

Back in April, the red hot search on Google™ was “when is the housing market …

Read More →

Roche Realty Group Sells Artie’s Subs & Pizza

Moultonborough, NH – Brian and Kara Dillard of Barrington, New Hampshire, have recently purchased Artie’s …

Read More →
Laconia, NH - City on the Lakes

Laconia— City on the Lakes

The 17,000 resident, “City on the Lakes,” is nestled on the shores of three of …

Read More →
Housing Bubble

What if it’s not a bubble?

It’s a mad mad mad world of real estate right now.  The frustrations of buyers …

Read More →
Alton, New Hampshire on Lake Winnipesaukee

Alton’s Treasures — Natural Resources

Alton, New Hampshire is a scenic community with wonderful natural resources. The town envelopes the …

Read More →
Moultonborough, New Hampshire

Moultonborough, NH — Low Taxes Attract!

Moultonborough, New Hampshire, is a scenic and idyllic community on the northern shores of Lake …

Read More →
Gilford, New Hampshire on Lake Winnipesaukee

Gilford Recognized For Its Quality of Life

Gilford, New Hampshire, has always been a popular destination and a great community to live …

Read More →
Meredith Village on Lake Winnipesaukee, New Hampshire

Meredith, NH—One of the Top 10 Best Small Towns on the East Coast

It’s always good to see our local towns highlighted in national publications, and recently Meredith …

Read More →

Economic Concerns for Real Estate

For the first time in decades, fiscal and monetary policy will likely remain easy during …

Read More →
The Ledges on Newfound Lake

The Ledges at Newfound Lake

     It is always with mixed emotions how we view the development of our natural areas. …

Read More →
Lakeview Golf Club in Belmont on 172 Acres Sold by Roche Realty Group

Lakeview Golf Club in Belmont on 172 Acres Sold

Belmont, NH- The beautiful 9-hole Lakeview Golf Club located at 89 Ladd Hill Road in …

Read More →

Leave a Comment