For Buyers August 18, 2023

Demystifying the Home-Buying Process: What You Need to Know Now!

Hello, dear readers! I’m Kevin Farfan, your trusted Realtor in the vibrant real estate world. I understand that the housing market can seem like an enigma wrapped in confusion for many. But fear not, for I’m here to help you navigate through this intricate journey.

A recent report by Clever revealed that a significant portion of buyers is confused about various aspects of the housing market and home-buying. Are you one of the 83% of homeowners who were surprised by parts of the home-buying process? Do you fall within the 65% who had to adjust their budget? Keep reading, as I’ll unravel some key misconceptions and bring clarity to your home-buying quest.

Key Insights from the Market:

  • Misjudged Home Expenses: Many homeowners misjudge the cost of purchasing a home, with 34% paying more than they initially planned. Annual home-related expenses average around $13,150, contrary to the 48% of Americans who believe it to be less.
  • Down Payment Misconceptions: While lenders recommend 20% down, 62% believe it’s a requirement, and 21% think buyers need more. This is a misconception that needs addressing, as many lenders offer alternatives.
  • Commission Confusion: Despite common misunderstandings, sellers usually pay agent commissions. It’s a myth that buyers pay this fee or that they can save money by avoiding an agent. In fact, experienced agents can guide you through complex negotiations and legal processes.
  • Understanding Mortgage Rates: With only 12% of Americans knowing the current rate for a 30-year mortgage, it’s vital to be aware that it hovers between 6% and 7%. This knowledge can help you make informed financial decisions.
  • The Right Steps in Mortgage Process: Nearly 64% of non-homeowners wrongly assume they should find the home before getting pre-approved. This common error can be avoided by understanding the correct order of steps.

Why the Right Guidance Matters:

I believe that with the right guidance and understanding, the process of buying a home can be a smooth and enjoyable journey rather than a stressful one. Here’s how I can assist you:

  • Personalized Assistance: I’ll help you adjust your priorities and budget according to your unique needs and the current market trends.
  • Clear Communication: With me by your side, you’ll never feel lost. I will handle the essential communications and negotiations, ensuring that you get the best deal.
  • Education on Mortgage Options: Whether it’s about understanding the current interest rates or getting pre-approved, I will make sure you have the right information at your fingertips.

Let’s Connect!

Buying a home is more than just a transaction; it’s a life-changing experience. If you’re ready to embark on this exciting journey, or if you have any questions about the home-buying process, don’t hesitate to reach out to me, Kevin Farfan, at 813-784-7139. Let’s make your home-buying dream a reality!

Coldwell Banker Realty
213 W. Bloomingdale Ave.
Brandon, FL. 33511
Cell 813-784-7139
“I Sell Lifestyles!”
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Note: This blog post is a means of guidance and should not replace professional financial advice. Always consult with a professional in the respective field when making financial decisions.