Millennials are taking over the housing market, representing the largest group of buyers several years in a row. While younger buyers are typically tech-savvy and comfortable doing their own research, many have never purchased real estate before and may not know what to expect. Below are a few things first-time home buyers today should understand—from navigating the market to choosing the right closing and title company. 

Advice for Young First-Time Home Buyers

1. Demand Is Tight

While many markets are seeing more available homes, demand still outpaces supply in many areas. Competition is usually especially intense for the affordable single-family homes many millennials are looking for. If you find a property that fits your needs, it’s usually best to make an offer as soon as possible.

2. Be Willing to Compromise

With limited supply, you probably won’t find a home that fulfills all of your expectations. Before you begin house hunting, make a list of those features you must have, then draw up a second list of things you’d be willing to compromise on.

3. You Will Need a Real Estate Agent

While you might be good at using online research tools and finding properties, real estate agents provide valuable insight you likely can’t get from a website. In addition to steering you toward neighborhoods that satisfy your requirements, they’ll also help determine a fair price for a property and guide you through the rest of the process.

4. Choosing the Right Closing & Title Company Matters

Along with finding a lender, property inspector, and other professionals, you’ll also need to select a closing and title company to finalize the transaction. A reputable title company will provide escrow services, ensure the title is clear, and issue title insurance to protect the value of your investment.

Whether you’re buying your first home or have an extensive portfolio of properties, First Financial Title Agency of Minnesota, Inc. offers the wide range of services you need and expertise you can rely on. Since 1989 and with more than 400 years of combined experience, this attorney-led closing and title company has helped home buyers throughout the Burnsville and South Metro, MN, area close real estate transactions as quickly and efficiently as possible. Visit their website to learn more about their closing services, get more tips on Twitter, or call (952) 831-5010 to request a quote.