Last May 2013, first-time home buyers accounted for 28 percent of existing home purchases. According to the National Association of Realtors (NAR), although this number might seem high, it’s actually significantly lower than last year’s 34 percent. This decrease in numbers is alarming some housing analysts and economists.
Sadly, lots of first-time home buyers missed the opportunity to jump into home ownership during the previous years. As home prices increase and the average mortgage rates show no signs of dipping lower than 4 percent, first-time home buyers might just get left behind even more.
Here are some things first-time home buyers should keep in mind:
When you find the home you love, jump on it! Missing out on the previous opportunities presented by the real estate market is one of the mistakes first-time home buyers make. They hesitate in making a decision and in the end, someone claims their dream home.
Make an offer that stands out. Make the offer appeal to the seller and let them know how serious you are. This may require offering over the asking price, or letting the owner say in the property, rent free, for a short time so they can get moved out comfortably.
Always ask questions. Ask every question that would come to mind. If something seems unclear, ask about it. A well-informed decision could be all that stands in the way between you and your dream home.
Think about resale. Of course you would want to be living in the home for a long time but you never know what might happen in the future. Always keep the possible resale value of a property in mind before you purchase it.
And finally, find your dream real estate team! Those who are buying a home for the first time either hesitate too much or rush into the buying process and choose the very first agent they see. There’s no need to rush! The relationship between a buyer and his/her real estate team is crucial in securing the best possible deal for one’s home!
If you’re a first-time home buyer in South Florida looking for the most dedicated, proficient and experienced real estate team, get in touch with the Great Florida Homes Team!
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