3 mistakes first time homebuyers make
It costs an average of $25k more to buy a home today than at this time last year! First time buyers, don’t make these costly mistakes:
1. forgetting about closing costs
Don’t forget to budget for extra closing costs that come on top of your down payment. Get an estimate from your lender and make sure you know what to expect before you set your home price range.
2. lowball offers
Low ball offers are not a good negotiation tactic. Even if you think the home is overpriced, a crazy low offer could offend the seller and hurt your position. In today’s market, where over-asking bids are the norm, this would mean not skimping when bidding on a home you love — if you do, chances are you’ll get outbid and regret it. The best way to accomplish this is to only look for homes well within your budget, so you can comfortably put in a winning offer.
3. waiting to buy
Waiting — it often feels like a comfort zone. We don’t advise rushing, but it’s important to calculate what putting it off could cost you — another month of rent down the drain, the impact of inflation on your savings and home prices, rising interest rates predictions…staying in the same position doesn’t always mean you’re staying in the same position.
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