First Time Home Buyer Mistakes To Avoid
By: RC Clark, Real Estate Professional with NAV Real Estate
When it comes to buying or selling a home there are many mistakes that are constantly made in the market. Many if not all of these mistakes can be avoided with the proper guidance from a professional that has their finger securely on the pulse of not only the national market but in the actual neighborhood that you will be living in. Let’s take a look at a few of these AVOIDABLE mistakes that can quickly sour the real estate transaction for many buyers and sellers alike.
The news cycle trap
Many people that are entering the housing market to either buy or sell base a lot of their decisions on the newest headlines in the national media. This is one of the biggest reasons they are sitting on the sidelines regardless of what is actually happening in the market. Many of the headlines are doing what they are supposed to do; be so polarizing that people tune in. When in reality it's the local professionals with ‘boots on the ground’ that understand that the national headlines are a far cry from the reality of the local markets.
The family/friend perspective
While this is the age of recommendations from everyone with a cell phone and a few Google reviews to their name, this can not be applied universally. When it comes to the real estate market every single transaction is wildly different from the next one or the one that came before it. With that being said, even though my aunt Candy had a terrible experience of her home sitting on the market for 120+ days with price decreases happening every couple of weeks, this is not the ‘going rate’ for transactions. With the right information and guidance these types of situations are completely avoidable.
Wait for rates to fall
There are a few guarantees in this world and rates falling is NOT in that category. If you or someone you know falls into this category then they could be leaving thousands of dollars on the table when it comes to moving into a home that they really love. The fact is that rates do one thing; fluctuate. Thankfully in the real estate world there are many lenders that have many products that fit specific situations. Whether that is a rate buy down, bank statement loans, or any one of the hundreds of unique products available to the buying and selling public. Don't let a temporary interest rate keep you from a permanent investment. Remember: you marry the house, but you only date the rate. If the math works for your budget now, waiting for a 'maybe' could mean missing out on your must-have home.
At the end of the day, the biggest mistake a buyer or seller can make is trying to navigate a once-in-a-decade financial decision using second-hand information. Whether it’s the sensationalism of the news, the outdated advice of a well-meaning relative, or the gamble of waiting for a 'perfect' rate, assumptions are expensive. At NAV Real Estate, our job is to replace those assumptions with an actual roadmap. Don't let the noise of the market drown out the opportunity sitting right in front of you. When you’re ready to trade the headlines for a hand-shake and a strategy, we’re here to help you find your way home.
