Buying a home can be both exciting and daunting, especially for first-time home buyers in a city like Chicago, IL. With so many neighborhoods, housing styles, and factors to consider, navigating the real estate market can be overwhelming. However, with the correct information and guidance, purchasing a home in Chicago is an extremely rewarding experience and an excellent investment.
To help you get started, we turned to some of Redfin’s top Chicago Agents and Partner Agents to provide tips and advice for first-time homebuyers. Regardless of your background, these tips will help you make informed decisions and achieve your dream of owning a home in the Windy City. Let’s get started!
1. Do your research to prepare yourself for the process
I want to encourage everyone to become a homeowner. It is exciting, a great investment, and a means of building wealth within your family and your children. However, be prepared. Research and talk to potential lenders. – Evelyn Randle | Redfin Partner Agent, Checklist Homes Realty
For a first-time home buyer, purchasing your home may seem like a huge task and stressful time. Understanding the home-buying process is essential. – Tony Mathews | Redfin Partner Agent, Realty of Chicago LLC
2. Consider choosing a lower price point
Choose a price point that’s lower than your comfort level when the market is hot. This way, you have room to bid above list price if need be. If you’re looking at the top of your range, it will be hard to compete against others vying for the same home. – Ashley Arzer | Redfin Premier Agent
3. Be strict about staying within budget
My recommendation is to strictly stay within their budget and not focus on cosmetic issues as much as significant components of the house. Using tools like an affordability calculator will help you determine how much house you can afford. – Ray Loma | Redfin Partner Agent, NellyCorp Realty
4. Reconsider waiting out the market
2023 will be challenging for…