Top Mistakes for First-Time Homebuyers

Inman News recently shared a recap of the top mistakes first-time home buyers make as viewed through the eyes of their Realtors.  Many of the mistakes are (unfortunately) pretty common but a few always surprise me because of the ease at which they can be avoided.

The most common mistake made by home buyers is something we frequently see in Champaign County as well – not talking to a lender first.  It’s a key step in the home buying process and also very easy to put off because it is less “fun” than actually looking at potential options.

Over 61% of Realtors said they had experienced this issue and 18% said it was the largest mistake they see clients make.

Single biggest mistake Home Buyers Make

The second and third place mistakes both revolve around making the actual offer.   2nd – Waiting to long to make an offer and 3rd – Offering too little for a property.   These are easy mistakes to understand given the lack of experience a first-time home buyer has.  It can be very stressful to pull the trigger on the most expensive purchase you have ever made!

Of course that’s why you need to find qualified local Realtor that you trust and feel comfortable working with.  Ask your friends and co-workers for recommendations.  Interview 2-3 agents and see who would be the best fit for your personality and how you want to go about the search process.  We would love to be included and to have the chance to show you how we work.

Paying attention to unreliable sources of information is an issue that we see more and more with home sales in Champaign County.  This mis-directing info can come from online resources like Zillow, friends that recently bought a home or even parents that are trying to help and protect their children.  All of these try to give helpful advice but it frequently comes along with suggestions that don’t apply to the local market or don’t take into account the strength or weakness of home sales.

Chart - Top Mistakes 1st Time Home Buyers Make

See any other surprises?  Or maybe you have something else that caught you off guard in a home purchase?     Let us know any questions!

View the full article on Inman News

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