First Time Buyers Beware!!!

First time home buyers are flooding the market place and are being welcomed with open arms by sellers. After all, they have no house to sell and are generally being helped with the purchase by their parents who will have deeper pockets.

Today's Wall Street Journal published five pitfalls not to land in before buying your first home.

1) Snubbing the Real Estate Agents. There is a world of information available to everyone today and with so much knowledge many buyers believe they can do it on their own. But, keep in mind that finding property, going on the tour and asking some questions is only the start. Managing the nuances of the negotiations, the financing, the attorneys and the contracts is a full time job that you need expert advice on.

2) Guesstimating how much you can really afford. No buyer can really be sure of how much they can spend until they have met with a reputable mortgage professional. Your real estate broker can recommend a few to you.

3) Letting charm cloud your judgement. Charm is a euphemism for old. And generally, old needs a lot of work. Always have a licensed contractor give you a good faith estimate before bidding on the property.

4) Focusing on the house, not the hood. The home is just what you wanted so you buy it. When you move in you realize that its a hike to the train and that the local school is not what you had hoped for. The gym you belong to doesn't have a branch in this part of town and all the deli's close down by 9pm. Where your home is counts just as much as the home itself.

5) Making arbitrary offers. In NYC the days of low-balling are over. If you spend the time to find your dream home, you do your homework, you allow solid professionals to guide you and then when you eventually find the right place you'll need to step up to the plate and make a solid offer. If you don't, someone else will and then its will be gone.

If you or someone you know is thinking about buying a home....call us, let us help you.