5 First Time Home Buyer Mistakes in Denver

Download a free pdf copy of my 5 First time Home buyer Mistakes to Avoid.  Most first time home buyers need a home under $350,000. Click here to see the current home for sale.  Also See the Blog post form Chris Gibson about New Construction Homes For Sale.

For a First Time Home Buyer this is one of the biggest investments you will make in your life.  For first time home buyer this can be overwhelming trying to figure out where to begin.  How much can I afford? Where do I want to live? How do I get a Loan?  These are just a few of the questions a buyer has today.  With the speed of our current Denver market here is a list of the 5 First Time Home Buyer Mistakes we see buyers make today.

First Time Home Buyer

  1. Not Getting Pre-Approved Early.  For any First Time Home Buyer this can be super frustrating for the first time home buyer when they find a home they just love and want to make an offer on.  Only to find out the Seller is NOT looking at any offers that don’t have a lender letter attached with the offer at the time of submission.  Homes along the front range are selling in sometimes hours or days so you need to have a lender pre-approval letter prior to submitting an offer.
  2. Searching for homes on Zillow or other online websites.  I get calls like this all of the time. “Can I see the house at 123 Easy street asap”.  We look up the home to set a showing and see that the home sold three months ago.  How is that you ask?  These sites are designed for lead generation not for home sales.  When you use a Real Estate Professional you will get access to the Real Estate Professional only website called the “MLS” or Multiple Listing Service.  You will be setup on a automated search tied directly to the MLS.  With this access you will see when a new home enters the market place immediately.  You will also see when a home is Under Contract immediately.  This will keep you and I from wasting your time looking at already sold homes.  In the list of the 5 First Time Home Buyer Mistakes to Avoid this could have been number one.
  3. Letting your emotions control your decisions.  Wait What?  Yes!  Today you may have to make 5, 10 or 1 5 First Time Home Buyer Mistakes to Avoid5 offers on a homes before getting the winning bid.  This is super frustrating for you as a buyer and for your agent trust me.  As difficult as this is you need to keep things in perspective.  Not falling in the easy trap of willing to offer significantly over the list price to be the winning offer.  We have had situations where we advise not over paying for the home.  This is based on our professional knowledge of the home your bidding on and the neighborhood past sales and demand.  We will give you a detailed report with all of the resent neighborhood sales activity to guide you. Remember your home is an investment and it is only a good deal if you buy it at the right price, condition and terms
  4. Waiving Contingencies.  This is a new one for the Real Estate industry here in Denver.  With the speed of the market many buyers are having to try different techniques to get their offer approved by the seller.  Here are some things that are common: waiving the Inspection Objection, waiving Appraisal Objection,  as-is condition, waiving Loan Objection, Appraisal gap coverage. These are just a few items a buyer may add to an offer, however they don’t really understand the ramifications of these.  All of these are okay to do as long as the buyer understands what they are giving up to do so.
  5. Not Listening to your Real Estate Agents advise.  Yes seems so basic however we are seeing this more and more. Particularly with the younger home buyers.  We as a society are over exposed to sales from the moment we wake up to the moment we go to bed.  This over exposure leads to not trusting sales professionals that are actually wanting and trying to help you.  Navigating the intricacies of a Real Estate transaction is very difficult and when you get a good agent that has your best interest first (Fiduciary Responsibility) you should listen to them.

 

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