Buying a home – especially for the first time – can be an overwhelming experience. There is a lot to take into consideration, not to mention a lot that can be overlooked if you’re not paying careful attention.
To help you avoid any and all home-buying fails, we asked our network of nearly 25,000 local real estate experts about the most common mistakes home buyers make. Here’s what they said:
Overextending themselves financially
Starting to drift past their price point and requesting to see homes they can’t afford. The psychology behind wanting something you can’t have is too risky so unless I know the buyer is pre-approved for that price point, I do not show them homes outside their budget.
Falling in love with a house and overbidding the offer!!!
I advise them- while you might love this house- don’t extend yourself over the value- don’t be desperate. Home buying is a HUGE investment! BE PATIENT! If not this one… another will come along!
Keller Williams Realty Downtown LLC
Not hiring a quality REALTOR®
Biggest mistake is not hiring a quality Realtor! Finding someone to buy your house is easy. Getting to the closing table is the hard part.
Not pre-qualifying themselves for a loan before targeting their price-range
I make sure they get themselves prequalified with a Lender of their choice. If they don’t know of any Lender, I give them 3-4 numbers to call and they can decide the company they want to work with.
EXp Realty, LLC
If you’re in the market for a new home, we encourage you to contact one of these experienced professionals to help you through the process. If you like what you read, subscribe to our weekly newsletter and like us on Facebook, so you can always stay ahead of curve with expert, timely insights to help you buy or sell your home.
Photo credit: www.buildingpro.ca
Originally published November 2, 2017 — Updated April 30, 2020