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According to the National Association of Realtors, first-time home buyers consisted of 39 percent of all home buyers in 2010. Without first-time home buyers, a chain reaction would occur in which sellers would not be able to sell their houses and in turn not allow them to buy another house and so on and so on.
Many Realtors and economists feel that first-time home buyers have a major influence on the current real estate market trends. These buyers, though eager and anxious to jump into buying a home, have little knowledge of how and why to buy a house. This makes them extremely vulnerable when it comes to buying a house properly and can lead into a potentially harmful situation.
Here are the top 5 mistakes first-time home buyers make when buying a home.