There are common mistakes that first time home buyers make when purchasing a home, and the list below outlines the top 4 that I've seen over the years.
While the most frequent first time buyer mistakes are not earth shattering, they can cause a lot of unnecessary stress, frustration, and heartache.
#1 TAKING ADVICE FROM FRIENDS AND FAMILY
Every real estate transaction is unique due to the fact that buyers and sellers have varying personalities, circumstances, income, equity positions, debt ratios, credit scores, etc... In addition, the real estate industry and real estate market are constantly undergoing changes, and what was true a year ago, or even yesterday, could be completely different in today's economic and lending climate. Realtors that are working in the business every day, have a depth of knowledge, and real time experience with regards to appraisals, market values, seller concessions, and more, which your friends and family do not. Although it's natural to be nervous and tempted to rely on friends and family, as a first time buyer, it's important that you trust what your Realtor tells you. And although it's wise to get a second opinion in many cases, it should always come from another real estate industry professional, who has the full details or your purchase and financial profile.