5 First-Time Homebuyer Mistakes (and How to Avoid Them!)
Buying a home is a complex process, and first-time home buyers are particularly susceptible to certain mistakes.
Here are five of the most common first-time home buyer mistakes (and how to avoid them!).
Mistake #1: Waiting for the “Right Time” to Buy
In an ideal world, we would have all purchased homes during the housing market collapse of 2009 when both prices and interest rates were low. But that may not have been the right time for you. Maybe you didn’t have the funds then. Maybe you weren’t ready to settle down yet. Maybe you were still a child!
Today, people may be telling you that interest rates are too high. The fact is, they only seem high because they’ve been extraordinarily low for the last 20 years. In the 1980’s people purchased homes with interest rates higher than 15%! When interest rates went down, they simply refinanced to get the lower rates. Buying today doesn’t lock you into today’s interest rates forever.
You might also hear people say that prices are too high, so you should wait for a market crash before you buy. This is terrible advice because there is no indication of a pending crash. Just because prices increase quickly doesn’t mean there’s a housing bubble that will burst. Continue reading...
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