14 Essential Tips for First-Time Homebuyers: Key Advice to Keep in Mind

Key takeaways: Get your finances in order: Having a clear picture of your finances, including how much you have saved for a down payment, current credit score, and overall budget can help streamline the process and reduce unexpected expenses. Work with a trusted real estate agent: An experienced agent can offer helpful guidance through the buying process in addition to negotiating on your behalf. Don’t be afraid to negotiate: Buyers have the upper hand in roughly 70% of U.S. housing markets, so don’t be afraid to negotiate on price, repairs, closing costs, or timeline. The U.S. housing market has been stuck in a slow and expensive holding pattern for years, which has kept many homebuyers on the sidelines waiting for conditions to improve. But because buyers are so hard to come by, they tend to have negotiating power in most cities. Especially in the Southern third of the country, many sellers are struggling to attract offers and are willing to give concessions to attract buyers. Depending on the location, now may seem like an ideal opportunity for new homebuyers to step into the market and see what’s out there. In Newark, San Francisco, San Jose, and Nassau County, more than half o...