Residential Sales

The first step in buying a home is to get pre-approved for a mortgage. This involves meeting with a lender to determine how much you can afford to borrow based on your financial situation, including your income, credit score, and debts. Pre-approval gives you a clear budget, helps you narrow down your home search, and demonstrates to sellers that you’re a serious buyer. It’s essential to understand the loan options available to you and your budget before moving forward.

Determining the right price when selling a property involves conducting a Comparative Market Analysis (CMA) to compare similar properties, assessing the condition and features of your property, and considering market conditions, location, and your personal goals.

Closing costs are the fees associated with finalizing your home purchase and typically range from 2% to 5% of the home’s purchase price. These costs include lender fees, title insurance, appraisal fees, home inspections, and taxes. Your lender or real estate agent can give you an estimate of these costs early in the process. Be prepared to budget for these additional expenses, as they are paid at the time of closing when you finalize the sale of your new home.

For first-time homebuyers, a typical down payment ranges from 3% to 20% of the home's purchase price, depending on the loan type. Conventional loans often require 5% to 20% down, while government-backed loans like FHA loans may allow as little as 3.5% down. Some programs are designed specifically for first-time buyers and may offer down payment assistance or lower requirements. It's important to factor in closing costs as well, which can be an additional 2% to 5% of the home's price.