Local Realtors answer questions about trends and offer tips to homebuyers and sellers considering buying or selling a home in or around Cy-Fair.

What are the essential things a first-time homebuyer should consider?

One of the essentials is finding out what you can afford to pay each month for your mortgage. Speaking with multiple financial advisers is recommended. Your financial adviser will provide you with a preapproval letter, which is required in order to put an offer on a home. Ignorance is not bliss in this case. When buyers find a home they love that is just out of reach, it makes what they can afford seem "less than," which is discouraging.

Finding a Realtor is the next essential step, and they are free for buyers. The person selling the home or the marketing department at a builder pays all commissions. A Realtor's knowledge of the process and the market is invaluable. They can save you time by more efficiently house-hunting, negotiating the right price and terms of your sale and completing all the paperwork needed.

What should first-time homebuyers know about finances when purchasing a home?

Texas buyers took around six months to save for a down payment last year. One of the biggest obstacles to being approved for financing was a buyer’s credit. Getting a free credit report early and disputing any errors right away can have a big impact. All of your bills should be paid on time for at least a year, no matter how big or how small. Totaling up everything from lawn care and water bills to HOA dues and typical repairs can give a rough estimate of what it costs to be a homeowner.

What are some trends in 2015 when people were trying to sell or buy houses in the Cy-Fair area?

Buyers should go into their home search knowing that last year in Texas, 37 percent of buyers paid asking price and 16 percent paid over asking price. That means that 53 percent of buyers paid at least asking price for a home. The seller's market is cooling off, but first-time homebuyers can expect to pay close to asking price for the home they want.