Real EstateI break down real estate concepts for first-time homebuyers
Navigating the real estate market can be tough. It's only natural that some people are going to make missteps. With that in mind, I went straight to the source and asked industry professionals to share their experiences with the biggest mistakes that buyers make. Read on to learn how to avoid making one of these all-too-common pitfalls.
Not meeting with a lender early:
"I'd say the most common mistake I see first-time homebuyers make is not meeting with a local lender right away. I believe a lot of people worry about ‘wasting’ the lender’s time, especially if they aren’t ready to buy immediately. I try and counsel clients to understand that the earlier they consult with a lender, the better. Sometimes it takes a long time for people to qualify for a loan and that’s okay. Lenders are almost like free financial advisors and can help buyers develop a plan to get to their goals."
- Keren Tsubely, an agent with 8z Real Estate
Relying too much on the advice of family and friends:
This response has the possibility of upsetting some people, but one of the biggest mistakes buyers make is listening to their family and friends about their real estate experiences. What buyers need to understand is that every transaction is different. When well-meaning family and friends give advice, they do it with the best intentions, but rarely do you give the details of their finances or their circumstances.
Real estate is personal and regional. What works in one state, doesn’t necessarily work in another state. Or, what a homeowner experienced three years ago, may not be relevant to current market conditions. Seeking advice from family and friends rather than industry professionals - who know their unique circumstances - could be a set up for frustration and disappointment."