Common Mistakes Rookie Home Buyers Make

Friday, August 29, 2014

Real estate engagements are not cups of tea for most people, especially for first-time buyers. Inexperienced individuals tend to commit mistakes during the purchasing process, and what follows are some of the most common.
Searching for a home before getting pre-qualified– Rookie home buyers often face the trouble of realizing they couldn’t afford their so-called “dream home,” just because they began house-hunting too early. Getting pre-qualified can help save buyers time by looking at homes that they can actually afford in the first place. Also, it will put a buyer in a better position over another bidder without pre-approval.
Thinking short term– What this means is that rookie home buyers tend to get carried away with the search for a new home without looking intently at other important factors. This includes the neighbourhood the property is in, as well as the future developments in the immediate area and the home’s resale value. While the idea of reselling a home is still far-off in the future, it should be on every buyer’s list.
Not understanding market trends– The real estate market is constantly changing. There would be times when trends would favor a buyer (aka a buyers’ market), or favour sellers (aka sellers’ market). Understanding these shifts require a look at contributing factors like supply and demand, as well as numerous information from sources like websites, newspapers, and magazines. Realtors can also help with understanding market trends too.


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