Why First Time Homebuyers Often Lose Out!

During their real estate careers, many real estate professionals have watched a certain number of buyers trying to obtain their first home, lose homes they have found and would love to buy. There are a number of reasons this may happen.

Since homebuyers do not usually pay commissions on homes, it is important for them to understand that without professional real estate representation, they could be unnecessarily putting themselves at risk - Especially in today’s real estate marketplace.

Here are important points to consider:

(1) A desirable well priced home in a good neighborhood, can command a great deal of interest from homebuyers. Especially if it is in a brisk real estate market. A buyer who is slow to make a decision, and move quickly, will often watch someone else buy the house.

(2) If a buyer’s offer isn’t made attractive enough, they can lose out. A lowball offer on a house that is already well priced, and receiving loads of interest from several homebuyers, can find the buyer outbid.

(3) Failing to get prequalified by a lender, or being slow to answer questions from a lender, can cause a buyer to miss out on the best deal. Working early on with a lender, helps homebuyers determine how large a mortgage they can qualify for, and informs them of different types of available mortgages.

(4) They don't consider the resale value of the house before purchasing. There are certain features that can hinder a property in marketing - That 1 car garage for example; or 1 bath home. Cosmetic issues with a house - like that peach colored shag carpeting and 1970s wallpaper, can easily be remedied. But it is costly to overcome the need of an additional bathroom, or that small garage.

(5) An important thing some homebuyers sometimes fail to do, is find the best real estate professional, willing to work with them through the home-buying experience and process.

Working with an experienced real estate professional, provides important education about the home-buying process and information about vital issues, which require consideration and understanding. This greatly enhances chances for a successful acquisition of a first home. Fewer roadblocks and a more joyful experience is the reward!