In working with people setting out to purchase their first home, it’s very predictable that these mistakes may, and often are, made. With an agent who truly understands the market and the process, and who you trust so that you will hear what they say, you can avoid the same mistakes. You don’t always have to make the mistake in order to learn from it. Instead, learn from the mistakes of others!
1. First Time Home Buyers don’t ask enough questions of their lender and end up missing out on the best deal. Do Not Be Afraid. Make your lender talk to you so that you can understand what they are saying. If you don’t understand what they are saying, that is the wrong lender for you. But please decide fairly early on if the lender is a good match for you, because switching lenders mid-stream can be a huge mistake.
2. They don’t act quickly enough to make a decision and someone else buys the house. You would probably be very surprised at how often this happens. A house can sit on the market for months, and then — swope — there are multiple offers. Even agents are in awe of this phenomenon. Chalk it up to the universal pattern of things occurring in clusters.
3. They don’t find the right agent who’s willing to help them through the homebuying process. Again, Be Not Afraid. Ask questions, and ask them again. If an agent doesn’t have the patience or ability to talk with you about even the smallest question, go look for someone else. It is so common that my first time home buyers only hear a portion of what I tell them initially, because there is just so much to take in and process. Let me say that again, ask questions and ask them again.
4. They don’t do enough to make their offer look appealing to a seller. EVen in this market, where buyers think they’re in charge of the show, they are really not. The seller on the other side of the deal also has a say in things. You may be trying to get them to swallow a bitter pill. Sometimes a little sugar makes the medicine go down much better. Your agent should be able to talk you through the various contingencies that may or may not be part of your offer, and you can decide how important each one is to you before you try to force them all down the seller’s throat.
5. They don’t think about resale before they buy. When you turn around to sell your house in the years to come, one question your agent will ask you is “Why did YOU buy this house?” because others will buy it for the same reasons. That said, there are many things you can do to improve your home during the time that you live in, in order to make it better while you live there AND more appealing to buyers upon resale. If you really want to paint your walls bright pink, be prepared to neutralize them before putting your house back on the market!
These items are all equally important, and work together. No doubt it’s a hectic few months when you’re purchasing a home, but when it’s all over and done with, you want to be confident you did it the right way and ended up with what you wanted. Just let me know when you’re ready to go shopping!
