Home prices in Central Oregon have dropped incredibly, making this an excellent market for first time home buyers. If you're ready to jump off the fence and buy your first home, make sure to avoid these
5 Common First Time Home Buyer Mistakes.
1. They don’t ask enough questions of their lender and end up missing out on the best deal.
Solution - ASK, ASK, ASK and research. Make sure you're comfortable with the lender you choose and you're happy with their ability to answer your questions. Purchasing your first home is probably the biggest financial decions you've made, so remember there are no stupid questions and you can't ask to many.
2. They don’t act quickly enough to make a decision and someone else buys the house.
Solution - Get all your ducks in a row. Get preapproved for your loan, know your price range and how it effects your monthly payment so you are financially ready to make the offer. Also, make a list of what you must have and would like to have in your first home, it's easier to make the decision when you know what you want.
3. They don’t find the right agent who’s willing to help them through the homebuying process.
Solution - Just like your lender, you need to be comfortable with your real estate agent. ASK, ASK, ASK questions so you're comfortable with the process. Your agent should be happy to hold your hand from begining to end.
4. They don’t do enough to make their offer look appealing to a seller.
Solution - Again, ASK! In addition to the offer price there are ways to make your offer more appealing to the seller such as deceasing timeframes, increasing earnest money or adding/reducing additional stipulations.
5. They don’t think about resale before they buy. The average first-time buyer only stays in a home for four years.
Solution - Ask your real estate agent what they see as positives and negatives for resale of the house. Also, view my previous blog post Sell Your Central Oregon Home by Highlighting What Buyers Want.
Good luck in the purchase of your first Central Oregon home. We're happy to help when you need us.
Source (solutions): Me.