As the spring real estate market picks up, here’s what you should know if you’re a first-time homebuyer – or if it’s been a while since your last real estate transaction.
Buyer representation matters
This is a signed agreement between you and a real estate professional that outlines their fiduciary duties to you as their client. Choosing the right agent is key, as they will be your advocate throughout the home-buying process. So, how do you find the right professional? There are several ways:
- Visit the Lynchburg Association of Realtors website to explore local agents: https://lynchburgvarealtors.com/find-a-realtor.
- Ask trusted friends or family for recommendations.
- Attend open houses to meet different agents and see who best fits your needs.
Financing today looks different
When I bought my first home in 2006, I had no idea how much money I needed to save. I certainly didn’t have the $89,000 asking price in my bank account! Fortunately, a lender (another professional in the real estate transaction) walked me through my financing options, and I quickly learned the days of needing a 20% down payment are long gone.
Some loan programs allow you to buy a home with as little as 3.5% down, but you’ll need to plan for other out-of-pocket costs. These can include:
- Home inspections to assess the property’s condition
- Prepaid costs such as property taxes and homeowners insurance.
- Appraisal fees, required by your lender to determine the home’s value.
Your Realtor will review these costs with you at your first meeting, along with their firm’s compensation structure.
What about the timeline?
Once you find a home, negotiate an offer and sign a contract, it typically takes 30 to 40 days to close. During that time, inspections, appraisals and loan processing take place behind the scenes. There’s a lot more that happens in those 30 to 40 days, but that is a topic for another article. If you’re thinking about buying, now is the time to start planning – and finding the right professionals to guide you along the way.
Billy Morris
2025 President of the Lynchburg Association of Realtors and associate broker John Stewart Walker Inc.