I love working with 1st time home-buyers! No, I really do Love working with all my clients, but 1st timers are especially rewarding. Getting them to the closing table is the icing on the cake. Receiving their thank yous and testimonial letters is the cherry on top. Handing the keys to first time buyers is one of the most rewarding things I do as a Realtor. By the time we get to the closing table, I know my buyer clients pretty well. And, they know me pretty well by the time we are sitting at the closing table too. Often times, as we are waiting for the Attorney to start the proceedings, the buyers begin to reflect back on our many weeks, sometimes months we have been together. They talk about how much they have learned, how frightened they were in the beginning to take the plunge into home-ownership and the many myths that they learned are not true.
If you are in the market to buy your first home, you may have already realized that the process involves many different levels of knowledge and understanding. Chances are many steps of the process are completely foreign to you.
By arming yourself with an arsenal of important questions, as well as with a team of professionals, you are sure to avoid some of the most common first-time homebuyer mistakes.
1. Hire the Right Agent. Personalities and experience levels range greatly, just as with any profession. Consider interviewing several local agents before deciding on which one to hire. Do you want a new agent who is sweet, patient, and ready to answer lots of questions? Or would you prefer a seasoned agent who gets you the best deal, but has less than stellar people skills? The choice is entirely yours, neither one being better than the other, but will make a big difference on how you feel about the process.
2. Interrogate the Lender. There's no need to play good cop, bad cop. This simply means you need to ask every question that comes to mind. In the wake of the predatory lending storm, its important to be sure you understand exactly what your mortgage will entail. Be sure to compare rates with other lenders to be sure you are getting the best rate. You can also ask for par pricing, which is the rate without points.
3. Be Ready To Act. In many markets, highly desirable areas come with a large amount of competition. Many buyers may be looking at the same homes as you. If you hesitate, you may very well lose out on your dream home. The best advice? Don't begin the process of viewing homes unless you are really ready to buy.
4. Think Long Term. You love the house, and you can deal with the small bedrooms and laundry room in the garage, but will the next set of buyers? If you are planning on selling the home in the next few years, you must remember to consider the resale value of a home. Is this neighborhood appreciating quickly, or are homes losing value?
5. Be Competitive. We all want to buy a home for the best bargain price possible, but a careful consideration is respecting the seller. You may view a low ball offer as a starting point, but a seller may view it as an insult and refuse to answer your offer. If you really want a home, be reasonable with your starting bid.
Use these simple tips to avoid some of the most common buyer mistakes!
Sara Hibbard is a licensed Realtor in the state of Georgia. Sara Hibbard specializes in working with 1st time home buyers, senior citizens, foreclosures, REO, short sales and HUD properties as well as Relocation from out of state and out of country. Call Sara Hibbard anytime with your many questions and real estate concerns in the Atlanta metro area. Sara Hibbard can be reached anytime at 770-399-8108 or e-mail her at sara@SaraHibbard.com. I'm Glad Georgia Real Estate Is On Your Mind!
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