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Buying a home can be a very overwhelming process. Working with a trusted real estate agent is the number one tip for a seamless journey. However, what many first-time homebuyers don’t know is that they can benefit from some key advantages that can help the process go a lot smoother. In many cases, first time buyers can access grants and down payment assistance programs unavailable to second- and third-home buyers. In addition, they have a sense of flexibility that is very appealing to sellers.
Many repeat buyers need to sync up the sale of one house and the move-in timeline for the next. Therefore, when they make an offer, they might need to include a home sale contingency into their offers. On the other hand, many first-time homebuyers are renters. Therefore, when purchasing a home, they have the potential flexibility to make an offer without a home sale contingency. Not only that, but many times, first-time buyers go month-to-month at their rentals, thus offering flexible closing dates.
Many repeat buyers have the advantage of leveraging equity from their existing home to cover a larger down payment. However, first-time buyers could qualify for down payment assistance programs. If you are a renter looking to become a homebuyer, there are many tools available to make the transition smoother.