Tip #88: Navigating Your First Home Purchase: What to Look for this August

This blog post looks at your home-buying prospects during August and into the fall: what to know and understand.

Buying a home for the first time can be both exciting and overwhelming. The process involves numerous steps, from budgeting and financing to house hunting and closing the deal. With August being a popular month for real estate transactions in Bellevue, here are some things first-time homebuyers should look for.

Understand the Local Market Conditions

Bellevue’s real estate market can be competitive, especially during the peak summer months. Understanding the local market conditions—such as listing prices, sale-to-list price ratios, and average days on the market—can help you set realistic expectations and make informed decisions.

Secure Your Financing

Before diving into house hunting, it’s important to have your financing in place. Determine your budget, get pre-approved for a mortgage, and understand the full costs involved in buying and owning a home. These costs include not just the purchase price, but also closing costs, property taxes, insurance, and maintenance.

Define Your Must-Haves

Prioritize your needs and wants in a home. Are you looking for a specific location close to work or schools? Do you need a certain number of bedrooms or a large yard? Having a clear idea of your must-haves will help you focus your search and evaluate potential homes more effectively.

Work with a Local Realtor

A local realtor can provide valuable insights about the market, help you find listings that match your criteria, negotiate the purchase price, and guide you through the closing process. Their expertise can be especially helpful in a competitive market like Bellevue.

Home Inspections are Key

Never underestimate the value of a home inspection. It’s a crucial step that can reveal potential issues with the property, such as structural problems or outdated systems. Having this information can help you avoid costly surprises down the line.

Patience and Perseverance

Finally, remember that buying a home is a major decision, and it’s okay to take your time. Be patient, keep an open mind, and don’t feel pressured to buy unless you find a home that truly meets your needs and budget.

Prepare for Less Competition, But Fewer Choices

While summer tends to be a hot season for real estate with high competition, things typically cool down in the fall. Less competition could mean a little more time to make decisions and potentially more room for negotiation on price. However, keep in mind that fewer people selling their homes means there might be fewer houses to choose from.

Curb Appeal Could Look Different

As the season transitions from summer to fall, how homes appear can change. Beautiful summer gardens will give way to fall foliage. While it’s a different aesthetic, you can still judge how well a homeowner has cared for their property.

Inspect the Heating System

In August, you might not be thinking about heating systems, but by fall, you’ll want to know that the home’s heating is working effectively. During your home inspection, ensure the heating system is checked thoroughly.

Keep an Eye on the Market

With fewer homes being listed in the fall, there could be changes in local real estate trends. Stay updated on the market trends, so you can adjust your house-hunting strategy accordingly.

Consider Future Needs

When buying a home, it’s crucial to think long term. Consider your future needs, such as the possibility of a growing family, job changes, or lifestyle changes. Will the house and its location continue to serve your needs?

Get Pre-Approved

Getting pre-approved before you start your home search can give you a leg up on the competition, as it shows sellers that you’re serious and financially capable of purchasing their home.

Leverage Seasonal Selling

Some homeowners will be eager to close the deal before the winter season, which could be used to your advantage in price negotiations.

So, yes, while summer is a common time to purchase a home, don’t forget that buying a home in the fall season comes with its own set of unique opportunities.

Be sure to contact Laura Sinclair, your local realtor at 425-442-6265 or through her website: www.laurasinclairhomes.com and she will be happy to help you find the home of your dreams.