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Common Misconceptions of First-time Home Buyers

Monday, November 19, 2018
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Getting ready to buy a home? If you’re new to the process, you might have some misconceptions about buying houses for sale in Atlanta, Georgia. You CAN avoid a great deal of frustration by developing a thorough understanding of how the buying process works.

Here are some misconceptions about buying a home for the first time.

  1. “I don’t need to work with an agent.”

    It’s very rare for buyers to enter the market without representation. Each year, only 10% to 20% of real estate transactions are completed without the involvement of agents.

    Although it’s tempting to make a purchase on your own, it’s important to work with an agent who will protect your interests and negotiate on your behalf. This is because the process can take anywhere from several weeks to months, and there’s a lot of paperwork involved. Working with an experienced agent will help take the edge off and ensure that you cover all bases.

  2. “I can’t afford this.”

    Most buyers think they can’t afford the home they want, but this isn’t true in most cases. This can cause them to shy away from going for the home they truly desire or give up altogether on buying a home. But a motivated buyer will be able to find properties they can afford in practically any market.

  3. “I need to find a home first.”

    Many first-time buyers make the mistake of thinking that they need to shop around for a home before consulting with a lender or a realtor. But it’s better to get yourself pre-qualified for a loan. Prequalification gives you a clear idea of your parameters before you begin searching for homes. Sellers who know you’re pre-qualified will see you as a serious buyer more likely to follow through with the purchase. This also streamlines the search, saving you time and energy in the process.

  4. “I don’t need to pre-qualify for a loan.”

    Pre-qualifying for a loan is a crucial step towards buying your first home. A lender will review your financial situation and give you an estimate of how much home you can afford, and from there, you can start looking for properties within your price range.

    Keep in mind that prequalification for a loan isn’t a commitment from the lender. Moreover, there’s no guarantee that you will receive the same amount when you apply for a mortgage. It does, however, let you take the next step in the buying process, which is pre-approval.

  5. “HVAC systems aren’t that important.”

    It’s important for buyers to evaluate the overall condition of existing heating, ventilation, and air conditioning (HVAC) systems or equipment. If the home’s HVAC system is dated, find out if there’s a way to install new and compliant systems, and how much it will cost you. Given Atlanta’s warm, sunny climate, a good HVAC system can be a lifesaver.

  6. “Market conditions shouldn’t affect my choices.”

    A lack of awareness of current market conditions can hamper your decision to buy a home. Working with a realtor will help you determine if market conditions are favorable for buyers, and if not, devise a way to circumvent these trends. Developing a good understanding of the market will help you make informed choices.

Work with top real estate agents in Atlanta. If you’re looking for a home in Atlanta, GA’s top communities – whether you’re a first-time homebuyer or a retiree looking to downsize – allow me, Natalie Gregory, to help you find the most suitable property for your needs. Call me today at 404.550.5113 or send an email to Natalie(dotted)Gregory(at)Compass(dotted)com.

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