Though the real estate industry is changing every day, mistakes made by first time home buyers seem not to change that much according to a survey of our gay real estate agents. Land Buyers would say that only rookies make these mistakes.
The mistakes range from mismanaging their financial picture, to finding the perfect home before being qualified, to choosing the wrong lender. Below are the top five mistakes first time buyers make:
1. Wrong moves in terms of credit management: This is confusing for many and it can be tricky especially in preparation to buy a home. Don’t open new credit accounts, or run out a buy a new car before closing! Your debt ratios are looked at very closely, and will be verified again prior to closing.
2. Trying to pre-approve oneself: Pre-qualification is an important factor when finding the perfect home to buy, don’t try to pre-qualify yourself the very first thing you should always do is to meet with a reputable lender (preferably one that is recommended by your realtor).
3. Choosing a loan officer by lowest rate: Teaser rates are a fact of life, and you can’t believe everything you read. Not all lenders are equal; ensure you work with one that is qualified, since they are responsible for your joy or headaches in the future.
4. Choosing your realtor from an open house: Yes, most realtors at open houses will treat you and or, you and your partner very nice after all, they may possibly earn a multi-thousand dollar paycheck from you (and then give a portion of it to an organization fighting against everything we’re fighting for). Choose a competent, professional, full-time gay, lesbian or gay friendly realtor from sites like GayRealEstate.com, and ensure your best interests, and your financial spending is supporting our community.
5. Waiting for the perfect property: As you wait for the perfect property, in many parts of the country prices are raising at 10% per year, this means your purchasing power is dropping at almost 1% per month! Make a list of desires and must haves, and be flexible in your search for the perfect home. Secure your investment and make it your own a another move will most like be in your future.
Author and Gay Real Estate Agent Jeff Hammerberg is the Founding CEO of GayRealEstate.com. Free Instant Access to the Nation’s Top Gay, Lesbian and Gay Friendly Realtors Coast to Coast. FREE Buyers Representation ~ Free Relocation Kit to any City, USA ~ Free Sellers Market Analysis for home sellers.