Attention Home Buyers! Are you looking for a new home but you’re not quite sure what the buying process looks like?
In this blog I walk you through the TOP 3 MISTAKES BUYERS MAKE when they are in the market for a new home. They are so easily avoidable and way more common than you would think.
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I’m going to save you some time and stress by giving you my top 3 biggest mistakes home buyers make so that you can avoid making them, so that the process is more enjoyable for you. I absolutely love working with home buyers, but there are some common mistakes that many make that are easily avoidable.
Mistake #1
Not getting Pre-approved. If you’re not pre-approved how will you know what your budget will be? Even if you have an idea of what you can afford, in this competitive market no seller is going to accept an offer from a buyer without a mortgage pre-approval. The other issue, is that it can take up to two weeks for your Mortgage Broker to finalize your financing, so getting this taken care of ahead of time will make the whole process happen in a timely manner and will help you avoid having to go back to the sellers and ask for an extension which could jeopardize the deal.
Mistake #2
Not Deciding on “Wants vs. Needs” Early in the buying process. It can be difficult to know exactly what you’re looking for when you’re first hunting for a new home, and typically it’s easier to call out what you don’t like as opposed to what you do like. If you expect to find a house that ticks off every box on your wish list, you’re going to be looking for a very long time. It’s important to realize that there are some things that you will have to compromise on, and some things that you might be able to change, like flooring or kitchen tile. A good realtor will interview you at the beginning of the buying process to help you assess your needs and narrow down which homes are worth taking a look at. This helps so much because if you look at too many places you will inevitably experience decision fatigue and the whole process will become very overwhelming.
Mistake #3
Not Working With a Buyers Agent. You guys, if you’re shopping for a home, use a Realtor! It’s free to you on the buying side, I repeat free! By going directly to the listing agent you are doing yourself a dis-service. Using a Buyers agent ensures that you are getting full representation throughout the transaction. The listing agent could help you complete the paperwork and make the transaction happen, but they cannot legally give you the services they could give if you hired them as your agent because they have to remain impartial to both sides. Essentially, you end up representing yourself. Your Buyers Agent will give you their professional expertise in negotiating, explaining legal terms of your contract and ensuring your conditions are met. A good buyers agent will also make the entire process more stream-lined, from booking showings all the way through to your closing day.
I’m sure you’ve heard about how intense the real estate market is right now, and now that you know some of the common mistakes to avoid, you might be wondering how multiple offer situations work, and what we can do to ensure that you win. Check out my next blog, “How to Win a Bidding War”.
I could have probably made this list the top 20 mistakes that buyers make, so if you want some more advice on how to make your home buying experience top notch, book a buyers consultation with me today. I’d also love to hear your thoughts, so don’t forget to leave a comment below.
