Arcane Properties

Cash or mortgage, virgin buyers shouldn’t fear high price for square Footage

With real estate properties increasing 8.5% to an average of $1,395 for square foot, can first time home buyers afford to be picky about their first home? First-time home buyers may be nervous putting in their bids because they face rejection in an already tight housing market. However, buying a home can be a rewarding process if first-time home buyers remember they are not alone, unless they do not hire a real estate agent.

Here in Western New York, there are several real estate agents at Bob Arcane Properties who can walk you through the process, help you find the perfect home, and seal the deal. Then, they can hand you the keys to your front door.


Getting a mortgage vs. buying Outright


Many virgin buyers make the mistake of thinking because they may not be able to buy a home because they cannot make the mortgage payments. Other couples think they can handle payments and realize they are spending more than they thought or expected.  Mortgage payments do not only entail a monthly payment. Couples also must pay closing costs,all inspections needed (mechanical, pest, structural, and other issues)appraisal fee, and the fee owed to your real estate agent for reviewing all the contracts. If you are buying a home inside a gated housing community, you may have pay annual Home Association fees.


If first-time home owners cannot afford mortgage payments, they should not worry. They may be able to buy the home outright and skip the mortgage payments. Sellers tend to favor buyers who have cash over those who want to mortgage. With cash, there is less paperwork and less delays. First-time buyers may see reductions in their closing costs, bank appraisals, mortgage applications, title insurance, and other services.


Avoid getting a low Appraisal


With cash in hand, would-be virgin property owners can avoid getting a low appraisal. There may be unknown reasons why some homes in the Western New York have gotten low appraisals. But, a low appraisal could cause a lender to withdraw part of the agreed mortgage amount. With less to purchase a home, some would-be homeowners must walk away because they do not have the money.


Cash buyers have greater purchasing power. Sellers are more comfortable with buyers who do not have mortgages because they do not have to worry  virgin buyers won’t be able to pay for the home. It also reassures a seller of a faster, smoother sale.
Are you looking to buy your first property? Have you ever had an experience where you looked at home after home without knowing what you want? No matter what step you are at in the process, at Bob Arcane Properties, we can help you find the perfect home that meets your needs — whether you are leaning towards mortgage payments or making a cash purchase. Visit us at:, to see how we can help.

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