Real estate in Williamsburg, Virginia has had its highs and lows through the years.  One thing has always stayed exactly the same.  Purchasing your dream house is part of the American Dream.

Perhaps the most significant accomplishments in your life is purchasing a first home. Consumers are more budget-conscious than before and would like to make sure they are making good choices in terms of their hard earned cash. Although real estate market in James City County is just the thing for real estate property novices, First time buyers are nervous.

Here are several questions first time buyers have, combined with corresponding answers:

• Q: How much will my monthly payment be?
• A: The simplest way to find this out is to seek the advice of a lender. Many people don’t contact lenders because they do not want relentless sales calls afterwards. This is why an agent can really help. Most of the time, they aren’t going to provide you with with a person that is going to reflect poorly on them. Lenders are accountable to agents which can make the greater part of their referral base.
• Q: What will my down payment be?
• A: Again, a lender is a good resource for info about all aspects within the loan process.
• Am i allowed to
• A: This is a great question for any lender with knowledge of Veterans Administration loans. The Veterans Administration is also a great resource and can be found online at va.gov.
• Q: Do I have to pay closing costs?
• A: All of this will depend on what good Realtor can negotiate. Closing costs might be substantial, however in the market today sellers tend to be more willing to pay some if not all of the buyer’s settlement costs.
• Q: Once I locate a home, how do I make an offer?
• A: This is easier said than done. There are actually forms online which may offer you a basic idea, however, there are various factors which are specific to The state of virginia together with additions that should be added for ones protection. A very good Real estate agent has the experience to navigate all of these issues as they have performed this frequently. Practice makes perfect and experience is priceless!
• Q: How long could it take prior to when the residence is formally mine and I can move in?
• A: You officially obtain the keys to the castle at settlement. There will be inevitable delays through the closing process.  There is a lot to get done in this brief amount of time.
• Q: Are short sales and bank owned homes the only real good deals out there?
• A: Short sales and bank owned houses may be a great deal. They might also be your worst pain. You must be very careful and savy to eliminate the bad apples from the bunch. You typically only have one shot to take a look, particularly with foreclosures, however just a little luck you can acquire a wonderful deal.
• Q: Will i have to have a buyer’s agent?
• A: The simple response is yes!  An experienced realtor with at minimum a decade of extensive expertise in the area is really important for you to make your first family home purchase a enjoyable one. More often than not the buyer’s representative is paid at closing from the seller. Personally, i have only had 3 clients from nearly six hundred pay a percentage of my fees in their closing costs. Each one had the option and all three happen to be longtime individuals who’ve made several purchases and sales using our team.

Erin Melton is a licensed Realtor in the state of Virginia.
She is the team leader of the Melton Team of RE/MAX Peninsula in Newport News, VA.