Nobody enjoys making mistakes, especially during one of life’s biggest transactions—buying a home.
That’s why working with a trusted agent is essential. Here’s a quick look at the most common pitfalls buyers face in today’s market and how a great agent can help you avoid each one.
Attempting To Time the Market
Many buyers are waiting for home prices or mortgage rates to drop in an effort to time the market. However, this can be a risky approach due to numerous factors that can influence these changes. As Elijah de la Campa, Senior Economist at Redfin, explains:
“My advice for buyers is not to try to time the market. Numerous variables, like the upcoming jobs report and the presidential election, could lead the housing market in unexpected directions. If you find a home you love and can afford, now is a good time to buy.”
Buying More House Than You Can Afford
It can be tempting to stretch your budget a bit further, and many buyers are falling into this trap right now.
However, staying within your budget is crucial, especially as other housing costs like insurance and taxes continue to rise. Consulting with professionals can help you clearly understand what fits within your financial comfort zone. Bankrate advises:
“Focus on the monthly payment you can realistically afford, rather than the maximum loan amount you qualify for. Just because you’re eligible for a $300,000 loan doesn’t mean managing the monthly payments will be easy alongside your other financial responsibilities.”
Overlooking Assistance Programs That Could Make a Difference
Preparing for the upfront costs of buying a home requires thoughtful planning. You’ll need to account for your down payment, closing costs, and more. Without the guidance of experienced professionals, you might miss out on valuable programs that could ease these expenses—something that happens more often than you might think.
Realtor.com notes that nearly 80% of first-time buyers qualify for down payment assistance, yet only 13% actually utilize these programs. So, whether it’s your first home or your fifth, consult a lender about available options. There may be a program designed to help.
Not Relying on Professional Expertise
This might be the most crucial tip of all. The best way to avoid costly mistakes is to rely on the expertise of a professional. With the right team of experts by your side, you’ll be well-equipped to sidestep these common pitfalls.
Bottom Line
The good news is you don’t have to face any of these challenges alone. Let’s connect, and I’ll be here to help you steer clear of these costly mistakes with expert guidance by your side.
