6 MISTAKES TO AVOID
1. Not Hiring a Buyer’s Agent
Some home buyers believe it’s better to work with the listing agent directly hoping they’ll get a better deal than if they hire a buyer’s agent. Listing agents are contractually bound to act in the best interest of their seller, not the buyer. A buyer’s agent looks out for your best interests. They will show you homes that fit your specifications and steer you away from homes that don’t. A buyer’s agent will be familiar with local real estate market values and can negotiate a fair offer for the home. They, along with your attorney, will also help you navigate through all the legal paperwork involved in purchasing a home.
2. Not Getting Pre-Approved for a Mortgage
Looking around for a new home when you have no idea how much money you’ll be able to borrow is setting yourself up for failure and disappointment. Obtain a mortgage pre-approval before going into any open house. This will make sure that you don’t fall in love with a home that you can’t afford or aren’t prepared to make an offer on. Your buyer’s agent will strongly recommend that you obtain a pre-approval from a broker who will back you up throughout the entire buying process. In the meantime, you can use our Home Buyer Budget Worksheet to give yourself a reasonable idea of how much you’d like to spend on a home.
3. Settling Because You Think There’s Nothing Better
In a typical year, the inventory of homes on the market fluctuates as the year progresses, especially 2020 and the beginning of this year where things have certainly been different than in years past. At the beginning of a normal year, we find that it’s generally a seller’s market where there is a lower inventory than there are buyers. This makes it a very competitive climate and more difficult to find the home you want at the price you can afford. As summer approaches and moves into the fall, there is a shift and inventory tends to increase and the amount of buyers decreases, giving buyers more choices at more affordable prices. Over the past year with inventory being so low, buyers saw an extraordinarily high absorption rate, making it even harder to find a home. If you’ve been searching for a while and haven’t found what you’re looking for, don’t worry, nothing lasts forever! You have to stay vigilant and keep looking for the home that makes the most sense for you, your lifestyle, and your finances. If you settle and buy something you only half like, you’re going to find yourself back on the market sooner rather than later.
4. Getting Distracted by Staging
Staging is important because it allows you to visualize what a space can become. Some sellers take it to the next level with savvy tricks that you could easily get distracted with. From beautiful drapes to a dining table that has a stylish place setting, sellers are trying to appeal to your heart rather than your head.
More tips HERE.