Will the dream of owning your first home be a reality in 2023?

I’m here to help!

I have owned my own home here in Oceanside for 23 years, and it has been the best decision I have made and at the time the scariest….

Buying a home can be overwhelming for the first time home buyer.

Common Mistakes First Time Buyers Make-

1. Not figuring out with a lender how much house they can afford, and not checking their credit reports.

2. Looking at only one mortgage rate quote, get two or three it can really matter. ( Avoid interest only and adjustable loans.)

 

3. Not working with a Realtor, who can make the process go smoothly.
With the internet readily available it’s important to still work with a Realtor, whom is used to the process and will guide you through escrow when inspections bring up the next part of negotiations. 

4. Making too small of a down payment. Figuring out a down payment is key to an affordable monthly payment. 

5. Not looking at First Time Home Buyers Programs( Veteran, First Responders Programs, Agriculture etc ) it’s important to ask your lender.

(I’m seeing mortgage discount credits being used again to buy interest down. The 2-1 Buy down is a concession offered by sellers to incentivize buyers. Buying down points can save money over time.)

7. Choosing the home is overlooking small cosmetic fixes that are easily replaced like paint and flooring. Watch for things that are difficult or expensive to fix, like the floor plan, foundation, and plumbing. 

8. Not stalking the neighborhood, stop by morning and at night and don’t forget to
listen to the noise levels.Study the neighborhood and neighbors! Also how close is it to work and family? How is your commute? How close is the pharmacy and grocery store.

9. Buying a home without an inspection. Never just never do it!
if the inspection turns up something wonky, you can decide if you want the home or renegotiate with the seller to fix the problem or reduce the price, or walk away from the deal. Pay attention to the roof, the foundation ..if it has issues sometimes the carpet or flooring is missing to show the cracked slab. Pay attention to cracks in the walls, or fixed walls, the smell .. does it smell musty ? Water is bad for a house wether from leaks on poor water drainage all things will come up in the inspection. But being aware is just a good thing when looking at homes. I follow inspectors around and learned about grease marks from rats. Yes it’s a thing .. I sold an older home with a rat infestation in the attic and you could see where they would go in and out… 

10. Buying a large ticket item ( example a car or shed ) while in escrow.

11. Waiting too long to make an offer, yes the cutest house on the block, has all eyes on it.

12. Not getting a home warranty plan, I buy one for my buyers, if the sellers don’t offer one. A home warranty is a year long, renewable home service plan that helps with the repair of replace of home systems and appliances. You just bought the home of your dreams and the water heater breaks down. You pay a small deductible and a repair person comes out. If it’s not fixable it will be replaced. It’s extra peace of mind next to your home owners insurance. After the first year you can decide to keep it and just renew with the company.

13.Forgetting about closing costs. Get a breakdown from the lender.

14. Not using  real estate apps, your realtor will set you up for a search in the MLS but I have found the Redfin app works the fastest.
So I use both, although it’s not a frenzy as it was in 2021 and 2022. I still like to see what pops up right of way.

15. Don’t try to time the market! The best time to buy a house is when you find the perfect house and you can afford it. Real estate cycles, it goes up and it goes down and it goes back up again. Don’t miss out!

16. Fall in love with the home, yes I said it….. I have never tried to sell a home, I could tell when they walked in and how their eyes sparkled and the discussion turned too this is our bedroom…Look at my view.. . This will be Sophie’s bathroom..etc.

I help people…. find a home!

Real estate builds generational wealth.

And I truly believe in homeownership.

Let’s do it together!

Cindy Rankin

Realtor