Common First-Time Home Buyer Mistakes

 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.

2. They don't act quickly enough to make a decision and someone else buys the house.

3. They don't find the right agent who's willing to help them through the homebuying process.

4. They don't do enough to make their offer look appealing to a seller.

5. They don't think about resale before they buy. The average first-time buyer only stays in a home for four years.

Source: Real Estate Checklists and Systems,


Did you know...

  • In the years of rising prices and quick sales, first-time home buyers made up a smaller share of the market. As affordability improves but sales slow, it is more difficult for current homeowners to sell their homes.
  • Unencumbered first time buyers are therefore a larger share of purchasers, now 41 percent.
  • First-time buyers in the Midwest (41 percent) are a slightly smaller share of the market than last year.
  • In all other regions, and nationally, first-time buyers became a larger segment of the market. As in 2007, the Northeast had the largest share of first-time buyers.
  • The West saw the largest gain in first-time home buyers-from 36 percent to 41 percent of the market in 2008.

Copyright National Association of REALTORS®, Reprinted with permission.

Jared Hammond

Jared Hammond

Real Estate Associate
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