Rising rents, low interest rates and bargain home prices have many local residents jumping into homeownership these days. But first-time home buyers in particular should be aware that purchasing real estate can be fraught with all sorts of potential problems.
Here are five of the more common first-time home buyer mistakes:
1. Failing to ask enough questions of their lender.The result: buyers fail to fully understand the commitment they’re making and often end up missing out on the best deals.
2. Not acting quickly enough to make a buying decision on a particular home. By dragging their feet on making an offer, buyers miss out on great properties when more prepared and motivated buyers buy those homes instead.
3. Choosing the wrong realtor.Obviously, not all agents are the same. Your agent should understand your needs, respond to your concerns, answer all your questions, and be available when needed. They should know your local housing market well, be comfortable with technology and be a committed ally to you.
4. Not doing enough to make their purchase offer appeal to the seller. Sellers must be convinced that a buyer’s offer is reasonable and that it is being made in good-faith.
5. Failing to think about resale before they buy. Someday, that first-time home buyer will have to sell the home to someone else. And “someday” may not be far away – statistics show that the average first-time buyer stays in a home for only four years.
Ryan Marzett is a Real Estate Professional that speacializes in providing top level service to first time homebuyers in Plano, Frisco, Carrollton, Allen, The Colony and throughout Collin County and Dallas County.
Author:Leslie Fogle Phone: 214-364-5888 Dated: January 31st 2013 Views: 3,683 About Leslie: I was born and raised in the Central Valley of California. I attended California State University, S...
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"Shannon does her homework before she comes for the initial consultation. She is prompt, precise, and knows the area market. We had our house under contract in one day and closed within a month. This was the smoothest process we have ever had!! Shannon is truly fantastic to work with!"