A recent survey talks about the mistakes people have made when buying their first home. Here are the three mistakes that were mentioned most often.
1. Not obtaining mortgage pre-authorization
For nearly one in five people who filled out the survey, the fact that they did not obtain a mortgage pre-authorization was an issue when completing their transaction. Remember that pre-authorization is an effective way to know your borrowing capacity and accurately assess your monthly mortgage payments.
2. Waiting too long before making an offer
Many people say they lost the property they were interested in because they waited too long before submitting an offer to purchase. Market conditions – which vary from one area to another and from one property type to another – dictate how quickly you need to act when you find a property that meets your needs. To advise you on this, no one is better placed than your real estate representative, because they have an in-depth understanding of the local market conditions.
3. Submitting an offer to purchase that was too low
Finally, a significant number of people say they lost out on a property because their offer to purchase was too low and was rejected by the seller. Again, your real estate representative is ideally placed to give you an honest and informed opinion on the value of a property.
The key to avoiding these mistakes when buying your first home? Listen to the informed advice of your real estate representative.
Contact me any time with questions on purchasing your first home 905-251-7653.