Avoid These Top Homebuyer Mistakes in Today’s Market

Avoid These Top Homebuyer Mistakes in Today’s Market

No one enjoys making mistakes, especially when they occur during what’s likely the biggest transaction of your life—buying a home.

This is why partnering with a trusted agent is so crucial. Here’s a glimpse at the most common missteps buyers are making in today’s market and how a great agent can help you avoid each one.

Trying To Time the Market

Many buyers are attempting to time the market by waiting for home prices or mortgage rates to drop. This can be a risky strategy, as numerous factors can influence these variables. As Elijah de la Campa, Senior Economist at Redfin, states:

“My advice for buyers is don’t try to time the market. There are ​a lot of swing factors, like the upcoming jobs report and the presidential election, that could cause the housing market to take unexpected twists and turns. If you find a house you love and can afford to buy it, now’s not a bad time.”

Buying More House Than You Can Afford

If you’re considering stretching your budget a bit further than you should, you’re not alone. Many buyers are making this mistake right now.

However, it’s crucial to avoid overextending your budget, especially with other housing expenses like home insurance and taxes on the rise. It’s essential to consult with the professionals to ensure you understand what will truly work for you. Bankrate offers this advice:

“Focus on what monthly payment you can afford rather than fixating on the maximum loan amount you qualify for. Just because you can qualify for a $300,000 loan doesn’t mean you can comfortably handle the monthly payments that come with it along with your other financial obligations.”

Missing Out on Assistance Programs That Can Help 

Saving for the upfront costs of homeownership requires careful planning. You need to consider your closing costs, down payment, and more. Without a team of experienced professionals, you might miss out on programs that could significantly benefit you. This is happening more often than you might think.

According to Realtor.com, nearly 80% of first-time buyers qualify for down payment assistance, yet only 13% actually utilize these programs. Therefore, it’s important to talk to a lender about your options. Whether you’re purchasing your first home or your fifth, there may be a program available to help you.

Not Leaning on the Expertise of a Pro

This last point may be the most crucial of all. The best way to avoid making a costly mistake is to rely on a professional. With the right team of experts, you can easily navigate around these missteps.

Bottom Line

The good news is that you don’t have to face any of these headaches alone. Let’s connect so you can have a professional by your side who can help you steer clear of these costly mistakes.