Buying a home can often be a daunting task. It takes a lot of knowledge just to feel comfortable starting the process. Uninformed buyers often listen hear the same uninformed suggestions. Here at BARAK Realty, we want to make sure you are on the right path!
Myth #1: Waiting for the market to get to the bottom is the way to go.
The only way to know the market has reached its bottom is when the market actually recovers and prices start to go up again. Then, you’ll find yourself chasing the rising prices along with everybody else. By then, it's too late! Don't wait. If it makes sense now for your personal or investment needs, go for it.
Myth #2: It's OK to submit an offer on a home before financial pre-qualification.
Talking to a mortgage professional allows you to determine the best price range for your situation and also enables you to search and buy with confidence. It takes 15 minutes, it’s free and there’s no obligation. So get educated on what you can actually afford as early in the process as possible.
Myth #3: Co-ops boards are simply a formality.
Each co-op has a different set of rules and restrictions, such as sublet policies, percent of required down payment, debt to income ratio, gifting, co-signers, etc. Make sure you discuss those important questions with your agent before you make an offer on your new home. Sometimes co-op boards can be very strict. By doing this , you will be one step ahead of the co-op boards.
Stay tuned to the BARAK Realty Blog for more tips for buyers.
We’ll see you home.
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