Realtor Names Main Homebuyer Mistakes 3-02-2010 - WSMV Channel 4

Realtor Names Main Homebuyer Mistakes 3-02-2010

Reported by Jennifer Johnson
NASHVILLE, Tenn.It's often said now that when it comes to buying a home, it's a buyer's market -- but that's only true if the buyer knows what he or she is doing. Despite so-called deals such as multiple price reductions, real estate experts say buyers can still make some costly mistakes.
Video: Real Estate Agent Outlines Homebuyer Mistakes

"When you're negotiating, you need to know when to stay and when to walk away," said Ashley Dugger. "If you're working with a Realtor, they can help you pull comps, see what a property is worth, but you certainly don't want to lose your dream home over a couple thousand dollars."
Dugger said in addition to not knowing when to walk away, there are some other major mistakes that are commonly made. A lot of people ignore their credit score, which leaves them paying extra interest points they shouldn't have to, while other people hold onto their homes too long and end up missing the window of opportunity to sell.
"If you sell for less and buy for less, it's pretty much an equal wash -- the same as buying in a high market and selling in a high market," said Dugger.
She also warns homebuyers to save up to 3 percent more than they'll actually need for the down payment in order to cover closing costs and other fees. The best deals won't necessarily be found in the most popular areas but in those that are the next up-and-comers, she said.
Spring Hill has seen a lot of action. Maybe some of the outlying areas you might not think of as your first choice are definitely seeing a lot of activity," said Dugger.
One reason people may want to think of buying a home right now are the tax credits being given away: $8,000 for first-time homebuyers and 6,500 for repeat buyers who have been in their homes for at least five years.

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