Today’s post is a guest post from TeachStreet, a Seattle startup company like ourselves that is dedicated to providing online and local classes. Thanks for the informative post TeachStreet!
In light of the first time home buyer’s credit which was offered earlier this year, many young families and singles entered the housing market as first time buyers. With the downturn of the economy and crash of the housing market in many parts of the country over the past few years, there are still deals to be found for first-time home buyers. Although a knowledgeable real estate agent can be the best friend to a first-time buyer, it’s important to arm yourself with as much information as possible before beginning the process.
First-time home buyers or even those who simply have not purchased a home in several years should consider learning about the latest information by taking a home buying class. Usually there are classes offered both online and in person, and often require no obligation to use the particular mortgage or real estate company hosting the class. Home buying classes like Findwell’s Home Buying 101, are designed to arm buyers with knowledge they need prior to making a purchase. Here are five key benefits from taking a home buying class:
1. Learn more about the housing market
A home buying class is invaluable because the consumer becomes educated on a myriad of details about their local market. Classes cover not only what types of residences are available such as condos, single family homes, attached or detached town homes, cottages, cabins, etc., but also basic information about the housing and mortgage market in your area. Home buying classes can illustrate to a buyer which neighborhoods have the best resale values and shortest times on market. You will also learn the average prices that home are actually selling for, given a desired size and amenities, along with how to negotiate to achieve a fair price.
2. Financing a home is critical for first time home buyers
With the high numbers of foreclosures in recent years, it’s important for a buyer to be familiar with various types of mortgages (15, 30 or 50-year, ARM, interest only), down payment requirements, along with various financing benefits available to different groups like VA loans, Housing and Urban Development (HUD) assistance, etc. The home buyer’s course also helps potential buyers to determine how much of a house they can afford by examining income and expenses and determining a housing budget. It will also discuss the requirements for obtaining a pre-approval for a home loan.
3. Understand the buying process
Understanding the buying process may not be as important to individuals who have bought multiple homes in the past, but for a first-time buyer it covers the essentials in a step-by-step process. These courses usually discuss the pros and cons of purchasing a home with or without an agent, topics a potential buyer should discuss when meeting a real estate agent and mortgage banker, along with the process of selecting a home and making an offer. A home buying class can also help you learn how to negotiate after your home inspection, determine your closing date and also what to expect for closing costs and closing deadlines.
4. Learn about what you like in a house
In gaining a better idea of what you are looking for in the housing market, there are some key data points covered in home buyer classes which a buyer may not otherwise consider. When buying a home, you need to consider the basic home configuration that will meet your needs. How many bedrooms, bathrooms and what sort of square footage will you require? Are school districts important to you and how do they affect resale value? What features are a necessity for you? Do you need a garage, a fenced backyard, or a particular setting like a cul-de-sac, waterfront, etc.? You should pay attention to big-ticket items prior to making a purchase. (i.e. age and quality of roof, age and condition of water heater, HVAC system, windows, etc.) Knowing your criteria upfront will make the home buying process easier.
5. Get to know your local real estate agents
Finally, a home buying class gives you a great opportunity to get to know local real estate agents and mortgage bankers. Although there a lot of great services online for you to shop for houses, a real estate agent can help get a better understanding of what you are looking for. A mortgage banker that you trust can also be a great resource to secure financing for your new home on the best possible terms. More than likely, you will be making your purchase with the help of a real estate agent, so you might as well get to know them upfront.
The benefits gained by taking a home buying course are immeasurable and most times they are free, so why not take advantage?
Photo courtesy of alancleaver_2000
Other Cool Home-Related Classes on TeachStreet:
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