Common mistakes people make in Real Estate

1) - Making a house permanent:  Plan for the unexpected. Changes in financial status, health, or family needs can occur and require a sale sooner than expected. Resale value will always count at some point, so consider that possibility when buying.

2) - Setting a price limit:  Price is a factor, no matter what the budget, but it shouldn't be the only factor. With interest rates extremely low, buyers can get more home than they expected.  Most lenders will be glad to pre-qualify buyers and outline a variety of choices.  So set a price range with enough room for your dream home.

3) - Prolonged research:  In any given month, there are usually thousands of resale homes on the market. In addition, there are almost as many new homes being constructed. It is not possible to become an expert on everything in the area in a short period of time. So have a good idea of what you want and let ekeRealty® assist you with finding your dream home.

4) - Estimating poorly: Many people find themselves selling the first home and buying a larger one within two years because there is no storage, the kitchen is too small, or there isn't adequate space for guests. Others scale down because they realize that they did not need so much room afterall.   Although the unforeseen is inevitable, plan to purchase a home where you know you can live for a while. This would give you time to build equity on the property.

5) - Closing at the wrong time: When making a mortgage payment, you will be paying interest that has accrued from the previous month. Upon closing however, your lender will charge you prepaid interest for the date the loan is recorded through the end of that month. Therefore, one way to lower your closing costs is to close in the latter part of the month. This will lower the amount of prepaid interest that you must pay.