3 tips for first-time home buyers

Metro Creative Connection

Real estate has garnered considerable attention since 2020, and for good reason. Though speculators and real estate professionals may point to a number of variables that have affected the market for homes in recent years, the pandemic certainly was among those factors. Real estate prices and mortgage interest rates increased significantly during the pandemic and have remained well above pre-pandemic levels ever since.

The spike in home prices and interest rates has had a significant impact on young home buyers, some of whom feel as though their dream of home ownership may never be realized. And data from the National Association of Realtors indicates the median age of home buyers is now significantly higher than it was two decades ago. In 2023, the median age of buyers was 49, which marked an increase of 10 years compared to the average buyer age 20 years ago.

First-time home buyers may face a more challenging real estate market than they would have encountered just a half decade ago. The following three tips can help such buyers successfully navigate the market as they look to purchase their first home.

1. Expect to move quickly. Inventory remains very low, which means buyers are in heated competition for the few homes that are on the market. In late 2023, NAR data indicated the rate of home sales were the lowest they had been in 13 years, so buyers will likely need to move quickly and make an offer if they see a home they like, as chances are the property won’t be on the market too long before it’s sold. In fact, the NAR noted that homes spent an average of just 23 days on the market in October 2023.

2. Apply for mortgage preapproval. The competitive nature of the market for buyers means it’s in their best interests to arrange financing prior to beginning their home search. A mortgage preapproval can be a competitive advantage, as it indicates to sellers that buyers won’t be denied a mortgage or lack financing after making an offer. The financial experts at NerdWallet note that buyers will be asked to provide details about their employment, income, debt, and financial accounts when applying for mortgage preapproval. Gather this information and clear up any issues, such as credit disputes or delinquent accounts, prior to applying for preapproval.

3. Set a realistic budget and expect to offer over asking price. A financial planner and/or real estate professional can help first-time buyers determine how much they should be spending on a home. In the current market, buyers should know that they will likely need to pay more than asking price for a home. For example, the NAR reports that 28 percent of homes sold for above list price in October 2023. With that in mind, firsttime buyers may do well to look for homes that are under budget in anticipation of offering more than list price after seeing a property.

The real estate market remains competitive for buyers. First-time buyers can utilize three strategies to increase their chances of realizing their dream of home ownership.

Q: What is the name of the show that preceded “NCIS”? It had a very handsome leading man, but I’m blanking on the show and the star. -- K.L.

A: “JAG,” which is a United States military acronym that stands for Judge Advocate General, debuted on NBC in 1995, but the show moved to CBS a year later and lasted another nine seasons. The handsome leading man was played by David James Elliott, who was previously known as one of Elaine’s boyfriends on the “Seinfeld” episode titled “The Couch.”

“JAG” also starred Catherine Bell, Patrick Labyorteaux and John M. Jackson, all of whom have guest-starred on its very successful spin-off “NCIS.” Mark Harmon, Cote de Pablo and Michael Weatherly launched the original “NCIS” series, which was currently just renewed for its 22nd season.

Elliott and Bell have both moved on from the show, working steadily since. Elliott starred alongside Jennifer Finnigan in another legal drama “Close to Home,” from 2005 to 2007, and Bell starred in “Army Wives” for seven seasons. She’s since acted in several TV movies for Lifetime and Hallmark. Elliott can be seen in the upcoming film “Harvest Moon,” written by and starring Paul Bettany (“WandaVision”).

“JAG” ultimately led to five “NCIS” series in total, each set in a different city. Unfortunately, “NCIS: Hawai’i” -- the first one with a female headliner (Vanessa Lachey) -- was recently canceled after three seasons. It was axed days before the network was planning to announce its fall schedule. Its series finale will air on May 6. ***

Q: I recently read how much money Mark Cuban had to pay in taxes. Is he the richest of the “Shark Tank” investors? -- E.E.

A: According to an article on TVInsider, the main panel members of ABC’s “Shark Tank” have collectively invested $200 million into products and investment opportunities featured on the show. Barbara Corcoran has the least net worth at an estimated (gulp) $100 million. However, the top three wealthiest are Daymond John, the CEO of FUBU, who is worth $350 million; Kevin O’Leary (AKA “Mr. Wonderful”), who has an estimated $400 million net worth; and Mark Cuban, the only billionaire in the group, who has about $6.86 billion.

Cuban recently wrote, “After military service, paying your taxes is the most patriotic thing we can do.” His contribution to the IRS was said to be $275.9 million.

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Q: I love the new series “Shogun.” Is there going to be another season, or is it a limited series? -- Y.F.

A: The new FX series “Shogun” is based on a novel by James Clavell that was published in 1975. Set in the 15th through 17th centuries, it first became a hit miniseries back in 1980, originally starring Richard Chamberlain and Toshiro Mifune. Since the newest series tells the entire story of the novel, the writers would have to come up with another chapter for there to be a second season.

According to TV Guide, the series creators Rachel Kondo and Justin Marks are open to the idea of another season, but they don’t know if it’s possible, pointing out that even the novelist Clavell moved on to other stories after writing his acclaimed book.

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