We all know that the economy and in turn the housing market has been seeing some tough times. You should know that the situation has been and continues to improve. Bad news media and reports often give an unbalanced opinion about what is really going on. They seem to exaggerate the problems and focus on all of the negative aspects about what is going on in the real estate industry. Good news such as nationally rising home sales, improved affordability, super low interest rates, and incredible tax incentive for homeowners are frequently overlooked, or are buried deep in the news or reports.
So don't let the news get you down. Get the facts so you can make your own, educated judgments!
Friday, February 26, 2010
Tuesday, February 2, 2010
10 Stupid Mistakes that Buyers Make
Mistake Number 1
Not choosing an agent who is committed to forming a strong business relationship with you.
HOW TO AVOID IT
Making a connection with the right real estate agent is crucial. Choose a professional who is dedicated to serving your needs- before, during and after the sale.
Mistake Number 2
Making an offer on a home without being pre-qualified.
HOW TO AVOID IT
Pre-qualification will make your life easier. Take the time to talk with a bank or mortgage representative. Preferably one that your agent referred to you. They will ask you specific questions with regard to your income, debt and other factors that will help you determine the price range that you can afford. It is one of the most important steps on the path to home ownership. Not to mention that many agents and sellers will require that you handle your financing up front.
Mistake Number 3
Not knowing the total costs involved.
HOW TO AVOID IT
Early in the buying process your mortgage representative should give you an estimate of your closing costs. If they don't, be sure to ask for one.
Mistake Number 4
Limiting your search to open houses, ads or the internet.
HOW TO AVOID IT
Many homes listed in magazines or on the internet have already been sold. Your best course of action is to contact your agent. They have up-to-date information that is unavailable to the general public, and they are the best resource to help you find the home you want.
Mistake Number 5
Thinking there is only one perfect house out there.
HOW TO AVOID IT
Buying a home is a process of elimination, not selection. New properties arrive on the market every day, so be open to all possibilities.
Mistake Number 6
Not considering long-term needs.
HOW TO AVOID IT
It is important to think ahead. Will your home suit your needs 3-5 years from now? How about 5-10 years?
Mistake Number 7
Not following through on due diligence.
HOW TO AVOID IT
Make a list of any concerns you have relating to issues such as crime rates, schools, power lines, neighbors, environmental conditions, etc. Then, attempt to find the answers and be sure that you're comfortable with the answers (or lack thereof).
Mistake Number 8
Not having a home inspection.
HOW TO AVOID IT
Trying to save money or time today can end up costing you tomorrow. A qualified home inspector will detect issues that many buyers will never even notice.
Mistake Number 9
Not examining insurance issues.
HOW TO AVOID IT
Purchase adequate insurance. Advice from an insurance agent can provide you with answers to any concerns you may have.
Mistake Number 10
Not purchasing a home protection plan.
HOW TO AVOID IT
This is essentially a mini insurance policy that usually lasts one year from the date of the sale. It usually covers basic repairs you may encounter and can be purchased for a nominal fee. Talk to you agent to help you find a plan that fits your needs.
Not choosing an agent who is committed to forming a strong business relationship with you.
HOW TO AVOID IT
Making a connection with the right real estate agent is crucial. Choose a professional who is dedicated to serving your needs- before, during and after the sale.
Mistake Number 2
Making an offer on a home without being pre-qualified.
HOW TO AVOID IT
Pre-qualification will make your life easier. Take the time to talk with a bank or mortgage representative. Preferably one that your agent referred to you. They will ask you specific questions with regard to your income, debt and other factors that will help you determine the price range that you can afford. It is one of the most important steps on the path to home ownership. Not to mention that many agents and sellers will require that you handle your financing up front.
Mistake Number 3
Not knowing the total costs involved.
HOW TO AVOID IT
Early in the buying process your mortgage representative should give you an estimate of your closing costs. If they don't, be sure to ask for one.
Mistake Number 4
Limiting your search to open houses, ads or the internet.
HOW TO AVOID IT
Many homes listed in magazines or on the internet have already been sold. Your best course of action is to contact your agent. They have up-to-date information that is unavailable to the general public, and they are the best resource to help you find the home you want.
Mistake Number 5
Thinking there is only one perfect house out there.
HOW TO AVOID IT
Buying a home is a process of elimination, not selection. New properties arrive on the market every day, so be open to all possibilities.
Mistake Number 6
Not considering long-term needs.
HOW TO AVOID IT
It is important to think ahead. Will your home suit your needs 3-5 years from now? How about 5-10 years?
Mistake Number 7
Not following through on due diligence.
HOW TO AVOID IT
Make a list of any concerns you have relating to issues such as crime rates, schools, power lines, neighbors, environmental conditions, etc. Then, attempt to find the answers and be sure that you're comfortable with the answers (or lack thereof).
Mistake Number 8
Not having a home inspection.
HOW TO AVOID IT
Trying to save money or time today can end up costing you tomorrow. A qualified home inspector will detect issues that many buyers will never even notice.
Mistake Number 9
Not examining insurance issues.
HOW TO AVOID IT
Purchase adequate insurance. Advice from an insurance agent can provide you with answers to any concerns you may have.
Mistake Number 10
Not purchasing a home protection plan.
HOW TO AVOID IT
This is essentially a mini insurance policy that usually lasts one year from the date of the sale. It usually covers basic repairs you may encounter and can be purchased for a nominal fee. Talk to you agent to help you find a plan that fits your needs.
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