Not Ready to Buy Yet? 7 Reasons to Meet with a Realtor While You're Saving for a Downpayment
If you’re in the early stages of saving for a downpayment for your first home, you may not know it but now is the perfect time to choose a Realtor! Here are just a few reasons why you should reach out to a real estate agent early on in the process:
1 - Build a Strong Relationship
Connecting with a Realtor early helps them get to know your needs and preferences. This will make the home search go more smoothly when you’re ready to buy!
2 - Gain Early Education and Guidance
A Realtor can provide you with ongoing education about the homebuying process. They'll help you understand what to expect and how to prepare, even before your downpayment is fully saved.
3 - Get Valuable Market Insights
Your Realtor will keep you updated with valuable insights into the current real estate market, helping you understand pricing trends and neighborhoods. This way, you can plan your savings accordingly.
4 - Avoid Common Pitfalls
A good Realtor will guide you away from common mistakes, such as overextending your budget or overlooking hidden costs, ensuring you’re better prepared when the time comes.
5 - Set Realistic Savings Goals
Discussing your financial situation and homeownership goals with a Realtor early in the process can help ensure that you are setting realistic savings targets and gaining an understanding of how much you’ll actually need when saving for a downpayment.
6 - Learn About Financing Options
A Realtor can also introduce you to trusted mortgage lenders who will explain various financing options, including downpayment programs and grants, which may reduce the amount you need to save.
7 - Identify All the Costs Involved
Beyond the downpayment, a Realtor can help you understand and prepare for other costs like closing fees, inspections, and buyer’s agent compensation so there are no surprises when it’s time to submit an offer.
Thinking about buying in the next few years? You owe it to yourself to connect with a knowledgeable Realtor who can help you map out the best plan for your current life and your long-term goals. Reach out to me or anyone on the Bridge to Portland Group team anytime to discuss the Portland market or for a mortgage lender referral!
You can read about how I've helped other first-time homebuyers purchase their first home here and here.
