Prices & tips for first-time homebuyers
Kris Remiker, a Realtor with Century 21 Aspire Group, advises that home prices in Manitowoc County are not expected to decrease in the near term.
7 essential tips for buying your first home in Manitowoc County
Buying a home in Manitowoc County? A local Realtor shares 7 things first-time buyers should know.
- Prospective buyers should get pre-approved for a loan to strengthen their offers and understand their budget.
- Buyers are encouraged to consider the total cost of homeownership, including maintenance, insurance, and taxes, not just the mortgage payment.
- Working with a local real estate agent and getting a home inspection are recommended steps in the buying process.
MANITOWOC – Looking to break into the housing market in Manitowoc County?
Here are seven tips from Kris Remiker, a Realtor with Century 21 Aspire Group and president of the Manitowoc County Board of Realtors.
Home prices aren’t going to go down
“A home selling for $200,000 today is not going to go down to $150,000 next year,” Remiker said. “People who are saying they want to wait — it isn’t going to help anything. If they wait a year or two, prices might go up $50,000 to $74,000.
“I feel bad for people trying to get into the market,” Remiker added. “Any home under $150,000 is going to need work. It’s a product of our time,”
Interest rates shouldn’t hold you back
Mortage rates go up and down, but haven’t changed significantly in past years.
The average 30-year fixed mortgage rate is 6.46% in September, which is up from 6.09% in September 2024, but down from an average 7% in September 2023.
There’s no assurance rates will go down 2% or 3% if you wait to take out a loan.
Get pre-favored for a loan
Preapproval makes any offers much cleaner, Remiker said, and allows buyers to know how much home they can afford.
With a preapproval in hand, potential buyers and write up an offer and get it into a seller’s hands quickly and increase their chances of getting their dream home.
Look at overall housing costs
Banks will give you a figure they are willing to loan for a home purchase. But first-time buyers should take into consideration the amount they can afford as a down payment, Remiker noted.
In addition, those looking to get into the housing market should calculate their monthly income and whether they can afford not only a mortgage payment, but also insurance, regular home maintenance and taxes.
Get a home inspection
The housing market was in a frenzy a few years ago, and many buyers skipped a home inspection when putting in an offer.
As the turnover slows and homes remain on the market longer, more buyers are asking for home inspections.
Remiker said she’d never tell anyone not to get an inspection, but she also encourages them to turn in the cleanest offer they can.
Work with a real estate agent
Remiker encourages first-time buyers to hire a licensed Realtor.
“A local Realtor is going to understand the local market, what is available and what a fair price is,” she said.
Have a list of keys and maybes
The pool of homes for sale is increasing, but is still incredibly tight. Remiker noted most buyers will not find a dream home that checks every box on their check list.
New buyers should reflect on items they absolutely must have in a home, such as an attached garage, and things they’d like to have but could live without, such as a swimming pool.
Also consider things you absolutely can’t compromise on, such as number of bedrooms or school districts.
Contact reporter Patti Zarling at [email protected] or call 920-606-2575.
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