Five Classic Home Buying Mistakes

The marketplace is filled with overconfident buyers these days. However, even in this market, buyers can get tripped up. Here are five common missteps that home buyers make.

Snubbing the real estate agent 

Who needs an agent? Everyone, actually. Finding a house and figuring out comps (the price of comparable homes on the market), managing the nuances of offers, inspections, financing and all the other pivotal steps to buying a home is where many buyers tend to get tripped up. Since the seller is the one paying the Realtor commission, this is the most valuable “free” service you will ever get from a knowledgeable source.

“Guesstimating” how much you can afford 

Many buyers mistakenly take a “do it yourself approach” to financing. They use online calculators to estimate how much house they can afford, dive into the house hunt and then get a dose of cold water when lenders refuse to qualify them for that amount. I can introduce you to my Weichert Financial Services Gold Services Manager to run the numbers and get pre-approved before you get serious about your search.

Focusing on the house and not the neighborhood 

In hindsight, many buyers polled a year or so after the purchase say they wish they’d taken their due diligence a few steps further to really get to know all the perks, quirks and hassles of living in a particular place. You can always fix up the house, but there’s no easy remedy for annoying neighbors, oppressive homeowner association rules and marathon commutes.

“Uneducated” lowball offers 

With ample housing inventory, there are plenty of houses for sale. When you find the right house at the right price, don’t assume you can just lob in a lowball offer or make unreasonable demands. Even in this marketplace, nice houses in desirable neighborhoods are fetching multiple bids. You need to be educated in what the right bid is, and there are a lot of various attributes that go into that equation. Again, use the knowledge base at your disposal and let me help you navigate the waters and determine how to proceed.

Not focusing on interest rates  

Many individuals are waiting to purchase a home, thinking that time is on their side. Rates are at, truly, all time historic lows. These low rates will NOT be here forever, so capitalize today! 

Call me at 609-462-3737 and let’s get started!