Three Things Cleveland's First Time Buyers Need To Know

The first time is always the hardest. Like with many things in life, buying your first house can feel unpredictable. With personal factors to take into account, as well as a growing change in the market, being prepared can come in a lot of forms. Three local realtors give the low down on what to know and how to land on your feet when buying your first home.

Prepare with a preapproval.
We’re not talking about a letter from the bank. “You need a fully vetted preapproval and the cash to compete,” says Jerry Kayser of Keller Williams Chervenic Realty. He advises buyers to plan for putting as much down as possible and accounting for closing costs. “[Plus] funds above and beyond what it will take to get into a house in case something goes wrong the first year, you have the reserves to take care of it,” he says.

Calculate closing costs into your plans.
“Once upon a time, a buyer with an FHA- or VA-approved loan with a small down payment would ask the seller to pay closing costs and move into a house,” Kayser says. Today, buyers should expect to cover their own costs or potentially lose a bid. “It’s almost impossible to get closing costs because if you ask, the home has to appraise at that higher number,” says Melissa Lendvay, a real estate agent with McDowell Homes Real Estate Services in Mentor.

Be patient.
While the inventory is low right now, it will change in time. Before going into a multiple offer bidding war, make sure you partner with an agent who can act as your advocate.“You need to use a qualified, seasoned agent, particularly in these times when we are facing multiple offers,” says Katy Dix Brahler, a real estate agent with Re/Max Above and Beyond.