Are you preparing to buy a home? In today’s competitive market mistakes can be costly. Thankfully, success leaves clues, and there’s no reason to repeat mistakes others have already done for you. With over a decade of experience, and hundreds of transactions, I’ve seen what works and what doesn’t.
Here’s a list of the top 5 mistakes home buyers make:
NUMBER 1: Waiting for “the right time”
While waiting for the right time to buy a home may seem like a good idea, it’s important to remember that the housing market can be unpredictable. If you find a home you love and can afford, it’s often better to move forward rather than wait for a perfect timing that may never come. Real estate appreciates with time. This means that the longer you wait, the more you’ll pay.
NUMBER 2: Shopping without pre-approval letter
A pre-approval letter is important because it helps you understand how much you can afford to borrow from a lender, which in turn helps you set a realistic budget for your home search. Without a pre-approval letter, most sellers and sellers’ agents won’t take your offer seriously. This means that if you fall in love with a home, there’s nothing you can do about it other than go get pre-approved.
NUMBER 3: Submitting below list price
While it’s important to negotiate and get a fair deal, submitting a lowball offer can be a mistake. In Los Angeles County we’ve had multiple offers and homes selling over list price for over a decade and there’s not a lot of evidence that this will change. Submitting below list price means that you will lose the home to other buyers and find yourself shopping in the future. Remember, the longer you wait, the more you pay because home prices are increasing.
NUMBER 4: Agent hopping
Working with multiple agents can make the home buying process more confusing and less efficient. It’s best to choose one agent who understands your needs and can help guide you through the process from start to finish. Interview a few agents before you start. Most Realtors offer free consultations. Take advantage of that offer. Learn as much about the market from each agent, and choose one to work with.
NUMBER 5: Not realizing first home is a stepping stone
Many first-time homebuyers may not realize that their first home is not necessarily their forever home. While it’s important to find a home you love, it’s also important to keep in mind that your needs and circumstances may change in the future, and your first home may be a stepping stone to your next home.
Ready to take the next step? If you’re shopping in Los Angeles, Orange, Riverside, or San Bernardino Counties, use link below to book time with me: