7 first-time homebuyer mistakes to avoid

It’s tough being a first-time buyer in today’s housing market.

Home prices are hitting record highs in many parts of the country, often selling for more than the asking price, and going from list to contract in a record 37 days, according to Redfin.

“We’ve never seen a faster or more competitive market,” says Redfin spokeswoman Rachel Musiker. “Basically this market isn’t for the faint of heart.”

Don’t make it even harder (or more expensive) for yourself by making these common mistakes:

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Should you pay extra on your mortgage?

You’ve probably dreamed of the day when you finally send in your last mortgage check and own your home free and clear.

Paying a little extra every month on your home loan is a way to make that dream a reality faster than you thought, and with today’s historically low savings rates, it could make more sense than ever.

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Facing Foreclosure?

Scammers are targeting people having trouble paying their mortgages. Some claim to be able to “rescue” homeowners from foreclosures, while others promise to modify your loan – for a fee. The Federal Trade Commission, the nation’s consumer protection agency, wants you to know how to avoid scams that could make your housing situation go from bad to worse.

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Tips for Using Reviews when Shopping Online

For years, our main piece of advice on using reviews has been to look at a variety of sources, including well-known websites that have credible and impartial expert reviews. That’s still a very good place to start. But here are some other tips for using online reviews and deciding when to be skeptical:

  • When you search for a product online beware of the first few sites that come up as some of them may say (ad) and could be an article written by the manufacturer of the product saying great things about the product.  This is not an independent review but an infomercial trying to help sell the product.
  • Check how recent the reviews are, watch for a burst of reviews over a short period of time. That can sometimes mean the reviews are fake.
  • Check if the reviewer has written other reviews. If so, read those to get a better sense of how much to trust that reviewer. But if it seems that the reviewer has created an account just to write one review for one product, that review may be fake.
  • Don’t assume that, just by looking, you can spot the difference between a real review and a fake one. Some reviews may look suspicious, and some may look real, but it can often be nearly impossible to tell for sure. For example, you already know to watch out for reviews that seem too positive to be real, but some fake positive reviews give less than the highest possible rating in order to seem more credible.
  • Remember that fake reviews are not always positive. Sometimes, a company might post fake negative reviews to harm a competitor.
  • Always seek independent resources for a more balanced review of a product, i.e., Consumer Reports etc.

You won’t always know if a reviewer got something — like a free product — in exchange for writing a review. But, on some websites, you’ll see a label or badge next to the review that tells you the reviewer got an incentive. How you weigh those reviews is up to you.

* Excerpts from this article from FTC publications

Overcoming Financial Hardship to Buy a Home

Almost everyone was happy to see 2020 come to an end but, unfortunately, the pandemic continues.

For people who suffered from unemployment, reduced wages or lost commission income, the financial impact of covid-19 could linger even after the virus is under control. Renters who had planned to become homeowners can still work toward fulfilling their aspirations.

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HUD Kicks Off National Homeownership Month 2018

FOR RELEASE
Thursday
May 31, 2018

WASHINGTON – June begins National Homeownership Month, a time of year when the U.S. Department of Housing and Urban Development (HUD) and others mark the importance of owning a home and the impact it has on the lives of American families, local neighborhoods and to the nation’s economic health. This year’s theme is National Homeownership Month 2018: Find Your Place.

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