It’s May 2024, and we are just entering the prime home-buying season in the Treasure Valley. The cold, dark days of winter are behind us and warm, long summer days are ahead; many people are starting to prep their homes for selling. For the new home buyers out there, we have some advice as you plan to look for and purchase your first home this year. There are great opportunities out there we don’t want you to miss out on!

While you’re starting to look for your first home, don’t let emotions rule your decision. There won’t always be the perfect house or the perfect buying situation, but there are plenty of good houses out there, and always the option to sell again in the future. Take into account the neighborhood, the size of the house you need, and your credit score before making a decision. Getting advice from multiple lenders and a real estate agent will also help as they know the market and state of the economy better than most.

Another piece of advice for first-time home buyers is don’t drain your savings! Pay attention to hidden home-owning costs, the percentage of a down payment (which can vary from house to house), and the cost of moving itself. Keep well within your budget, but don’t wait around for the unicorn home, be reasonable and flexible.

Don’t be afraid of fixer-uppers, older homes in need of a few renovations or yard clean-ups. Those kinds of houses are great for first-time homeowners, you get to build equity through renovations over time and can eventually sell for more than you bought it for. The prices for older homes tend to be less than those of newer homes as well, so they can fit better in your budget.

There’s a lot to keep in mind as a first-time home buyer, but don’t let the stress take over your life! Getting a good team of people to help you with advice and knowledge makes a big difference in the ease of the experience. We at TV Idaho RE and PM are happy to help you find the home of your dreams, contact us to see how we can help you!

Should you buy a home with today’s high-interest rates? What is on the horizon for interest rates across the country? Growing rate numbers have spooked many potential home buyers, and since we’re moving into the colder months of the year, only serious home buyers and sellers will be left on the market. So if you’re serious about buying a home this autumn and winter, what do you need to know about the interest rates, and is it wise to still proceed with home buying?

Mortgage rates in the U.S. right now are the highest they have been in years, and many home buyers believe it’s a bad time to be buying a home. That might not be the case for everyone, however. The classic phrase for home buying is “marry the house, date the rate,” which means that if you love the home and plan to live there for a while, have enough for a down payment, and have good credit; buy the home! You can always refinance later, and you can’t wait out the market forever.

Some reasons that you may want to instead wait for a while before buying a new house might include inventory increasing and personal finances. If the market is building, you might want to wait and see what will be available in a few weeks. And if your personal finances aren’t ready for home buying then definitely hold off on joining the home hunt! Only buy when buying won’t make you broke.

Before you put your house on the market, make sure that you find a trusted, experienced real estate agent who will be able to help you time the market and make sure you can afford what you want. We at Treasure Valley Real Estate will be able to help you find the house of your dreams while working around your budget and the current market!