Avoid Allowing Your Emotions to Cloud Your Homebuying Judgment

Something homebuyers should try to remember is: The perfect property may not exist. As we’re talking and I’m learning what you’re looking forward in your future home. I’m taking mental notes. I’m also considering various listings. Which ones check off the most boxes for what you’re describing? Which homes would be incredible matches for your lifestyle? Which homes should I take you to tour that are within a reasonable commute to work? Which fit your budget?

As we’re talking about all of these things, I’m also priming our conversations around supporting you in avoiding these emotional choices which could cloud your homebuying judgment.

Don’t be fooled by foreclosures because these types of homes could come with some problems.

One myth around foreclosures is these are sold for far less so buyers are getting a great deal and these are quick sales.  

The facts around foreclosures are: 

• Lenders want to recoup their losses so they may be more inclined to list at a lower price.
• Foreclosure homes are sold “as-is.” 
• Oftentimes, these homes may have been sitting for a length of time so the general condition and maintenance needs can vary. 
• There can be challenges in securing a loan from a lender.  
• It’s essential to do a title search to learn of any title issues, liens, or unpaid taxes a new homeowner may inherit upon purchase.
• Home inspections are always encouraged.
• The closure timeline can be lengthier because dealing with banks or lenders, can be more complex and unpredictable than traditional home purchases, potentially leading to delays.

Avoid lowball offers. Instead allow your buying agent to negotiate.

Your buyer's agent is legally obligated to represent your best interests—working to secure the best possible price and terms for you. Part of being a successful real estate agent is having top negotiating skills as well as helping a client base their offer on market data and facts instead of emotions. 

Be realistic about what you can comfortably afford and avoid touring homes outside of this budget or pre-approval amount. 

It’s so easy to fall in love with a home and then realize it’s outside of your budget. While you may think you could pinch corners here or cash-in savings to cover the extra, the truth is these options may not be in your best interests over the many years you’re paying off your mortgage. If you over-extend yourself, it can be stressful to work hard and come up short month-after-month. A better approach is to talk with your lender, review the numbers, and get a pre-approval letter. This letter gives you an idea of how much a lender is willing lend to you. When you view homes within your budget (and there will be numerous options) you’ll be happier.

Acting too soon or not seeing enough homes to know what else is available.

“You’ve found the one!” Fantastic! Let’s visit one or two more homes. What? You may wonder why your realtor wants to show you a few more homes when you’ve found the home you want. The agent is trying to help you settle-in on your decision and remove any doubts or what-ifs. After seeing a handful more homes, your first-pick home will either stand above the others or start to pale in comparison. These additional viewings will help you make a stronger decision so you won’t have any regrets later. 

Being indecisive or too slow when making an offer.

When it comes to races, slow and steady win the race as we remember from the tale of the rabbit and turtle. In comparison to homebuying, being too slow may allow more offers to come in, leading to Seller saying “yes” to an earlier offer. While your buying agent won’t push you to make an offer when you’re not ready, your agent will encourage you to make a decision. In a lean market, homes can get multiple offers in a short amount of time and close quickly. 

It’s often a huge no-no to neglect getting a home inspection.

It’s understandable that you want to move fast, get plans in place to move-in, and start enjoying living in this home. What if you’ve moved in and two weeks later when Texas heat is at its peak, you learn the knocking sound in the HVAC system is actually a signal that the entire system is old and needs to be replaced. If you hadn’t skipped past having a home inspection, the inspector may have caught this and you would have been able to plan for a system replacement or your agent may have been able to negotiate the repairs into the home’s purchase price. Home inspections reveal a whole treasure trove of information and allow you to make an informed decision about the home you want to buy. Having an inspection is a smart choice that you won’t regret.  

Since 2004 Sara Lyn Nguyen continues to bring a wealth of knowledge and expertise about buying and selling real estate around the Houston area to those she serves. Sara is a multi-year award winning REALTOR® and relocation specialist where her clients trust her to have up-to-date information on the real estate market. She has been one of Gary Greene’s Multi-Million Dollar Top Producers, and citywide was the #2 Top Producing agent in 2020, #3 in 2021, and #2 in 2022. When it’s time to buy, sell, invest, or relocate speak with a trusted professional knowledgeable in the homes and neighborhoods of Fort Bend/Sugar Land and the surrounding region.