First-Time Home Buyer in Burr Ridge: 6 Things to Know

For those who long for easy access to the bright culture and vibrancy of Chicago, with the peaceful seclusion of suburban life, Burr Ridge is an ideal choice. Ranked as one of the most luxurious neighborhoods in the county, this cozy hamlet draws countless individuals eager to put down roots. Perhaps you’ve already found the home of your dreams? Now is the time to prepare to be a first-time home buyer in Burr Ridge, IL.

Homes do not often go for sale in Burr Ridge, so when a gorgeous home or an upscale condominium hits the market, it draws attention and potential buyers. A way to set yourself apart in the feeding frenzy is by going above and beyond in preparedness. This preparedness is best shown by having all your ducks in a row when it comes to paperwork and finances. Not only does it display proper business etiquette, but it also aids in efficiency and legitimacy.

When a seller is comparing two offers and one buyer could delay the closing due to not having pre-approval for the mortgage loan, the buyer with pre-approval will always be the more attractive option. Proof of financial stability through pre-approval, and a stable mortgage loan will provide a step up, however, an additional detail that may be to your benefit is a handwritten offer to the seller.

In a barrage of seemingly good offers, stand out by providing a level of humanity to your offer by introducing yourself on a person-to-person level, leaving room to detail why you love the home. Consider it an admissions letter, allowing this human element to remind buyers and sellers that the sale includes one family passing home to another family.

This is arguably the most important step in the whole process. Though it is possible to find a home on your own, having an experienced real estate agent by your side will always be advantageous. An experienced agent has a keen insight into the local real estate markets due to their knowledge of the area. They also provide resources, such as reliable mortgage lenders, external assistance, and in-office guidance. In addition, having an agent who knows their craft will uphold your criteria for your dream home by asking pertinent questions.

During final negotiations, reliable real estate agents will always be your advocate, working on your behalf to land a final offer working in your favor. An agent of this caliber will make the process effective and effortless. Jeff Salhani embodies these traits and then some. Previous clients all attest to his impressive knowledge of the area, using it to educate and assist future homeowners. Known for his detailed efficiency and patient demeanor, Jeff goes above and beyond, ensuring the process of buying a home in Burr Ridge is as seamless as possible.

A casual stroll through the internet would suggest a set down payment between 16% to 20% is the standard. Indeed, as many as 35% of first-time buyers believe that range is required to qualify, causing limitless confusion, stress, and potential delay in purchasing for fear of financial unpreparedness. However, this is not always the case. The size of the down payment often varies on the local real estate market as well as personal finance.

A survey conducted by the National Association of Realtors shows the average requirement for first-time homeowners within the last three years is a payment ranging between 6% and 7% of the purchase price. The conventional loan minimum is 3%, with the Federal Housing Administration requiring a loan minimum of 3.5%. On the other hand, if the purchase of a home has been a main part of your financial planning for the last few years, saving diligently for a larger payment, lean into it. However, a buffer for external and surprise fees should also be considered, which leads us to the next tip.

First-time homeowners often feel blindsided by the seemingly endless buyer’s fees when purchasing a home. Most often, only mortgage loans, monthly payments, and the initial offer are discussed. However, remaining aware of other costs can prepare first-time buyers mentally and financially for upcoming costs. Property taxes, state taxes, paperwork processing fees, insurance fees, application fees, home inspection fees, appraisal fees, and other closing costs should be considered. An experienced realtor will help you keep on top of the costs and provide an outline of what fees to expect. These will help you to budget accordingly.

One of the benefits of having a Realtor in your corner is the list of resources available. A quality real estate agent usually refers buyers to a reliable mortgage lender, offering quality assurance and helpful guidance. On top of benefiting from the helpful aid of an experienced agent, there are programs in place to assist in the organization and tracking of your buying process, noting the milestones of each step and allowing you to see the journey from start to finish.

Certain forms of assistance are in place to help first-time home buyers, like the First Homeowners’ Assistance (FHA) program incentives offered through the Illinois Housing Development Authority. These forms of assistance are offered through multiple banks within Illinois, as well as webinars for homeowners to learn about their options and the requirements for the program.

Education is power, especially for those who are dipping their toes in the Burr Ridge real estate market. Ask questions, do your research, and connect with friends or family who recently bought a home to share their experiences. Be sure to look at resources such as the National Association of Realtors, Forbes, and other reputable sources of information for statistics on the real estate market.

There are programs available to inform first-time buyers, as well as experts who can break down information charting market trends. Don’t hesitate to ask your Realtor for books, YouTube channels, websites, and other aids to build your knowledge going into the buying process. This will allow greater confidence moving forward, assured that you have done everything possible to make the best decision for your first home.

Jeff Salhani enjoys working with first-time homebuyers and has the experience to make it a fun and smooth process. When you’re ready to start searching for your perfect home, give him a call to schedule your consultation. He looks forward to assisting you in your journey.