Buying a home in today's competitive market can be stressful. Fortunately, today's buyer also has so much more available to them than ever before. Technology such as smart phones, 360 degree video, Zillow.com and interactive marketing all provide the buyer real time information on any particular listing at the touch of an app. However with these advances some buyers are still entering the real estate market unprepared and end up losing out on good opportunities or worse, their dream home. Now how do you not become that regretful buyer? See below for our Top 5 mistakes to absolutely avoid when buying a home and how to come out on top whether its your first home or your fifth.
5. Not being active in your home search. Homes can be quick to sell and with today's technology the market moves in real time as previously mentioned. Your agent can provide you with so many resources but at the end it boils down to you actively seeking out that home you want.
4. Under qualified loan officer or financial advice. Once you begin your search you will form a trio: you (buyer), your agent, & your lender. As with any team its only as strong as its weakest link. If you have an average lender you will receive an average home buying experience which can include delayed closing, last minute unwanted financial surprises, and the "let me ask my supervisor about this one" responses you probably already get too often.
We highly recommend you ask your realtor for their preferred home loan specialist, a good second choice would be with a personal referral from a credible source (family or friend who has recently bought a home).
3. Not understanding today's market conditions. What you hear on the news is not always prevalent across the board in regards to real estate. Not all neighborhoods, regions, and price ranges reflect what the mainstream market trends are. Take a minute and do some research specifically on the market conditions of your desired neighborhoods. This will reflect much more accurate information on what to expect when submitting your offer.
2. Waiting out to be Pre-Approved. Don't procrastinate! Get this process over with early on, from here you will find out what you can realistically afford and what your comfortable with financially. You can always go back and refresh your pre-approval when you decide you are truly ready. What you don't want is to find that perfect home you only assume you can afford and not be pre-approved. Today sellers will not bother to look at an offer without a pre-approval letter.
1. Skipping the Buyer Consultation. By far this is the worse mistake to make as a new or soon to be home buyer. In the consultation you will learn about the home buying basics and overall process. Your agent will explain the current market trends, what to expect, the inspection and negotiation phases, repairs, and closing needs. By not receiving this information you will be severely under equipped for your home search and be left to chance in the market. Think of this as stepping out onto the field with your team (trio) and having not reviewed your playbook!
We hope this information was valuable to you, click HERE for a free copy of our Buyer Consultation Packet. It has everything you need to prepare yourself for buying a home in today's competitive market.
Also don't hesitate to reach out to me if you are looking to buy a home today, tomorrow, in 6 months or a year. Let me be your resource for all your real estate needs. Click HERE now to schedule your FREE CONSULTATION.