Here are the top 5 mistakes that first time home buyers make according to Carrie-Welles Craven, one of our fantastic agents who has a special niche in our boutique real estate firm. Carrie-Welles has been an exclusive buyer's agent for first time home buyers for over 15 years in the rapidly growing market of Asheville, NC. Check out these 5 common pitfalls that people new to real estate purchases often make.
5. Many first time home-buyers don't budget for the unexpected costs of home ownership. They fail to account for general maintenance and repairs, therefore buying a home that seems like it will be financially doable but becomes an expense when fluid funds are necessary to pay for replacing a furnace or roof.
4. Often due to a desire for convenience, they often shop online for lenders instead of local lenders. The customer service aspect is just not there with online lenders. There are so many forms, and filling them out correctly can be difficult. If you are a more seasoned real estate investor, the online route may make more sense, but for first-time home buyers, use a local lender.
3. Many clients entering the market to buy their first home don't get prequalified before falling in love with a property. This can slow the process of and make them less able to act quickly when they find the right home.
2. A lack of understanding how to be able to seize opportunities in real estate means many people wait to call a Realtor until they have found a house. Often, in a fast-moving market, the best deals and homes on the lower end of the price range move quickly due to a lack of affordable housing in many areas. This means missed opportunities for first time home buyers.
1. Many first time home buyers select a Realtor that is in the right place at the right time but don’t use an exclusive home buyer agent. Many realtors spend their time on the seller’s side, thus their expertise lies in this side of the deal. Benefits to using an exclusive home buyer agent include knowledge of how to get a contract in a seller’s market, receiving education about the home-buying process and having a professional perform market-price comparisons, thus ensuring that you do not overpay for your home.
For more information on real estate in Asheville, please contact Mike Figura at Mike@MyMosaicRealty.com or call him anytime at (828) 337-8190.