Top 10 mistakes of first-time buyers
Posted on Apr 28, 2009 under Buying A Home | 4 Comments
Buying a home may seem a daunting task, but a little preparation will ease the way. Check out these 10 common pitfalls of first-time homebuyers before starting your search.
The declining home values that are plaguing homeowners are just one of the factors creating an opportunity for prospective homebuyers.
Standard & Poor’s latest Case-Shiller index, which tracks home prices across 20 major U.S. cities, reported that values dropped 19% in January from a year earlier.
Those depressed values, combined with near-record-low mortgage rates and government incentives (an $8,000 first-time homebuyers’ tax credit included in the stimulus bill), are luring more first-time home buyers into the market. Indeed, a recent Century 21 Real Estate survey found that more than three-quarters (78%) of potential first-time homebuyers say now is a good time to buy.
If you agree, be aware that buying a home comes with plenty of potential missteps. Here are 10 all-too-common mistakes first-timers make. Read the rest of this entry »
Zero-down mortgages are fading as lending rules tighten. If you lack the cash to get into that new home, consider these 12 options along with some buying strategies.