The Biggest First Time Homebuyer Mistakes

The Biggest First Time Homebuyer Mistakes

As with many things in 2016, the housing market has been plagued with various issues plummeting inventory, skyrocketing home prices and affordability problems that are keeping some buyers still. However, NAR revealed a promising silver lining — first time home buyers.

First-timers accounted for 34 percent of all buyers and helped drive one of the best months NAR has seen yet.

But as our latest poll showed, it takes a lot of coaching and patience to reap the rewards of this plucky bunch.

The biggest mistakes first-time homebuyers are related to a lack of financial wherewithal — not talking to a lender first took the top spot, with 61.1 percent of Inman readers saying this was a problem they’d encountered and 18.04 percent of respondents saying it was the biggest problem they encounter.

Waiting too long to make an offer and offering too little for properties rounded out the top three mistakes, with 17.18 percent and 15.46 percent of respondents saying this was the biggest mistake buyers make and 59.62 percent and 57.73 percent of respondents saying they had encountered this mistake before, respectively.

Third but not least, offering too little for properties.

The resounding piece of advice fromreaders is: Listen to your agent!

     




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Phone: 407-860-3978
Dated: November 2nd 2016
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