6 Tips for First-Time Homebuyers in St. Louis

Buying a home is always a complex process, and it can be overwhelming, especially if you have never done it before. A lot goes into purchasing a house, and the details differ depending on state and city. You want to put your best foot forward and make sure that you are as prepared as possible before setting out to find your dream home.

Here are some tips that can help you through the process of buying a home for the first time in St. Louis, Missouri.

Before buying a home, you’ll need to figure out the features you’re looking for in a home. This could be a wide range of things, from specific kitchen appliances to a mudroom or even a certain amount of closet space. You will want to choose a few non-negotiables, like a certain number of bedrooms, a large backyard, or a deck. Do you need a turn-key home, or would you rather have something bare bones to build up as you go? These are all things you’ll need to think about before you start shopping for homes.

It helps to write up a list of “must-haves” as well as a few “nice-to-haves.” This will help you, and your real estate agent know what to look for and avoid spending time looking at homes that aren’t a good fit for you.

Even though you may know what city you want to move to, you still need to figure out where in that city could be a good fit. If you have a family, you will want to look into the school systems and make sure there are areas nearby for your kids to play, like parks. If you like going out, you probably want to be close to downtown so you can quickly get into the city. If you live an active lifestyle, make sure there are plenty of trails near you to hike on. All of these things and more are important when choosing where to live.

You will also want to pay attention to things you will need for your everyday life. If you're a commuter, consider whether the freeway is close by or whether there’s good public. Also, look at the number of local restaurants, grocery stores, and pharmacies in the area. Once you know what you need from your neighborhood, finding the right one becomes a lot easier.

Knowing whether the area you intend to live in is experiencing a buyer’s market or a seller's market is crucial to developing a home buying strategy. If there’s a buyer’s market, you will have a lot more options available, and you get the benefit of being more choosy when it comes to bids for your home. The price of the houses you are looking at will also most likely be more reasonable. If you are buying a home in a buyer’s market, you can take your time and scope out the different properties and make sure you are making the best decision possible.

However, if there’s a seller's market, you’ll experience stiffer competition and likely higher listing prices. Although the competition will be more challenging, you still need to pay a fair price for the home you want. Discuss with your real estate agent if the house is worth the asking price.

Also, know that there could be a bidding war that will drive up the price. Figure out what amount you are willing to go up to, and don’t feel pressured into spending more. You will need to act faster when putting a bid on a home in this situation because other interested parties won’t be waiting. You may not get the first place you bid on, but the main thing to keep in mind in a seller's market is to stay patient and don’t settle. Right now, St. Louis is a seller’s market but remain clued into the market because you never know when things will change.

Hopefully, the property’s seller will take care of this, but it’s crucial to ensure the home is professionally inspected. You don’t want any unwanted surprises to pop up after you have purchased the home.

The inspector will search the home for major and minor issues before closing. If the inspector ends up finding a problem, it will give you the upper hand to either be able to make specific changes or potentially ask for a lower price since work will still have to be done.

Once you know what you are getting into, you can work with your real estate agent to either decide how to move forward with the sale or walk away.

This letter is a document from a lender stating that the lender is tentatively willing to lend up to a specific loan amount to you. If you get a pre-approval letter, you show the seller of the home you are serious about buying. To obtain this letter, you will need to show proof of assets and income, good credit, employment verification, and potential other documentation that your lender may require.

Getting this taken care of beforehand will give you an upper hand when putting in bids for houses since the seller knows that the lender is already willing to put up a certain amount and is unlikely to pull out of the sale. Sellers don’t want to worry about being at the finish line and the lender not agreeing and making them start over at square one.

A real estate agent is there to work for you and make the whole process as painless as possible. They have knowledge and expertise that you don’t from their years of training and experience in the field.

A real estate agent is your confidant and is looking out for you through every step of your home buying journey. You should utilize them to ensure everything is above board and you don’t get taken advantage of — their pricing expertise and negotiation skills will help you get the best price possible. You’ll also save hours of time using a trusted agent than trying to navigate the process on your own.

In addition to getting you the best price and negotiating on your behalf, your agent also knows the neighborhoods you’ll be looking in. They can help guide you to the proper area based on your wants and needs.

If you have any questions during the process, don’t be shy to ask — your realtor is there to keep you informed and ensure you understand the process. It is important to remember that your real estate agent is there to make sure you find the right place for you. Whether you’re looking into buying or selling a home in St. Louis, MO, you can trust the knowledgeable, effective agents at Lance Merrick Real Estate will be there for you! Contact them today to find your next dream home!