First-timer home buyers can be eager to jump into home ownership. But real estate experts say they see them committing the same mistakes, time and time again. Here are some of the most common ones, as identified by experts in a recent CNBC article:
John Paulson, a billionaire hedge fund manager, says that for those looking for the best investment possible, they need to look toward home ownership.
A glut of abandoned homes across the country is a reminder that the foreclosure crisis hasn’t faded away yet. In six of the nation’s most populated metro areas, at least a third of homes in foreclosure stand vacant, according to RealtyTrac.
First-time buyers usually make up about 40 percent of home buyers. However, lately, the share has been in the 35 percent to 38 percent range, Hunter says. For existing-home sales, first-time buyers’ share is less than one-third of all buyers, at 27 percent in May, according to the National Association of REALTORS®.
Freddie reports the following national averages with mortgage rates for the week ending July 17: 30-year fixed-rate mortgages: averaged 4.13 percent, with an average 0.6 point, dropping from last week’s 4.15 percent average. Last year at this time, 30-year rates averaged 4.37 percent.
Home buyers are showing some willingness to pay more for certain amenities in a home, according to the latest PulteGroup Home Index Survey of more than 1,000 adults ages 25 to 65.
Search Phoenix MLS at Living in Phoenix, the website and blog for Robert Foreman, HomeSmart Elite. Search Phoenix metro area for homes and newbuilds alike.
“We live in an international marketplace; so while all real estate is local, that does not mean that all property buyers are,” says Steve Brown, NAR’s president. “Foreign buyers are being enticed to U.S. real estate because of what they recognize as attractive prices, economic stability, and an incredible opportunity for investment in their future.”