It Starts with a Square

Realtor Tips: Buying Your First Home

BY Chelsey Handley

One of the biggest questions facing a newly married couple usually doesn’t have anything to do with the wedding day itself, but rather where will we live after? Will we rent a home or apartment? Will we purchase a home?

There are a lot of factors that go into making this decision and it is not to be taken lightly, as buying a home is one of the largest financial transactions you will make in your life.

  • Will you be living in the area more than 1-2 years?
  • Are you financially capable?
  • Are you committed to a lease?

If you feel like you are ready, there are still some hurdles to overcome, like the lack of inventory of available homes. Trying to compete for a home right now can be a daunting task for anyone. I would recommend seeking the advice and help of a licensed REALTOR® who can be your guide through this process. 

Once you find the right home, it might take a little creativity to make your offer more appealing to a seller, who will probably have multiple offers to choose from – potentially even all cash. If you are not married yet, you may have the ability to be flexible with an extended closing date, which might even the playing field with a stronger buyer. 

If you are a first time home buyer and don’t have enough saved for a down payment for a conventional loan there are other options available. The FHA loan limit has been increased to $420,680 and will allow down payments as low as 3.5%. If you are a veteran and have your VA eligibility the VA loan is a great option with 0% down. 

It is easy these days to get discouraged when looking for a home, but it is well worth the wait if you can get it done. There is no better way to plan for your future family’s financial stability than owning a home. You won’t be subject to rent increases every time your lease renews and with historically low interest rates, you really have a great opportunity to keep the cost of your mortgage down. While owning isn’t for everyone, if you are able, it is a great opportunity to grow your net worth and create financial stability.

Allen Green, Realtor

John Green &

Company Realtors®

September/October 2021 Tour Collierville Magazine