Myrl has outlined the most important items that have an impact on a first time buyer's success in owning the first home. Although they receive advice from family, friends and co-workers they need to pay full attention to a real estate professional
One of the many things real estate professionals know, is that a certain number of first time homebuyers will lose the home they've found, and would love to buy. There are a number of reasons this can happen.
It is important to understand homebuyers do not generally pay commission on homes. Therefore, buying a home without professional real estate representation is not only unnecessary - in today's world, it can be risky.
(1) In a brisk real estate market, a desirable home, which is priced well, and in a good neighborhood, can command a good deal of interest from homebuyers. If a buyer lingers in making a decision, and doesn't act quickly, someone else can buy the house.
(2) If homebuyers don't make an attractive enough offer to the seller, they can also lose out. Low-balling an offer on a house that is already priced well, and receiving loads of buyer interest, can have them outbid, by someone else.
(3) They fail to get prequalified by a lender; or they have lingering questions of their lender, and miss out on the best deal. It is important that homebuyers determine how large a mortgage they can qualify for, and consider different types of mortgages available.
(4) They don't consider the resale value of the house before purchasing. There are certain features that can hinder a property in marketing - That 1 car garage for example; or 1 bath home. Cosmetic issues with a house - like that peach colored shag carpeting and 1970s wallpaper, can easily be remedied. But it is costly to overcome the need of an additional bathroom, or that small garage.
(5) Likely the most important thing homebuyers some homebuyers fail to do, is find the best real estate professional, willing to work with them through the home-buying experience and process.
An experienced real estate professional, will educate about the home-buying process, and acquaint with important issues which require consideration and understanding, so successful acquisition of a first home comes with few road blocks and is a more joyful experience.
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