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Lyn Sims

Broker Associate

5 Common First Time Home Buyer Mistakes

5 Common First Time Home Buyer Mistakes

 

1. They don't ask enough questions of their lender and end up missing out on the best deal.

Lyn's Suggestion - All lenders do not carry the same financing. Some do not handle FHA loans or loans with more flexible qualifying ratios that a first-time home buyer might need in order to get into that first home. I can point you in the right direction so you get the best financing for you. You MUST be prequalified for a loan BEFORE you begin your home search.

 

2. They don't act quickly enough to make a decision and someone else buys the house.

Lyn's Suggestion - I'll help provide you with the information you need to make a confident decision. Real estate is local and each neighborhhood is unique. I can show you which areas are on the upswing and which are not.


3. They don't find the right agent who's willing to help them through the homebuying process.

Lyn's Suggestion - Not all real estate agents are equal. Not all real estate agents do this full-time. Some of us have actually perfected their craft and know the in's and outs of each neighborhood you might be interested in. I have been in the area for over 25 years and I understand the trends both past and present. Did you know that a hiring a Realtor® won't cost you a thing? That's right nada - zip - zilch. Why not take advantage of my expertise?

 

4. They don't do enough to make their offer look appealing to a seller.

Lyn's Suggestion - The sellers main concern is whether you can complete the transaction with your financing! He says - Show me the money! That's why going and getting pre-approved is a must. Low-balling a seller will do nothing for your negotiations but give you a black eye! There's a misguided 'Chicago' adage that says 'let's start $20,000 under list to see what they will do'. Well, in my experience I can assure you it'll be nothing!

 

5. They don't think about resale before they buy. The average first-time buyer only stays in a home for four to seven years.

Lyn's Suggestion - I am able to show you the market trends going back as many years as you would like. The MLS data available to me can tell you the average increases or decreases in a particular neighborhood. I also have statistics giving you town to town appreciation increases over a period of years. All this information and expertise can help you make a great buying decison. Just in case you do have to move relatively soon for a job transfer.