Avoid These Top Homebuyer Mistakes in Todays Market

No one likes making mistakes, especially when they happen in whats likely the biggest transaction of your life buying a home.

Thats why partnering with a trusted agent is so important. Heres a sneak peek at the most common missteps buyers are making in todays market and how a great agent will help you steer clear of each one.

Trying To Time the Market

Many buyers are trying to time the market by waiting for home prices or mortgage rates to drop. This can be a really risky strategy because theres so much at play that can have an impact on those things. As Elijah de la Campa, Senior Economist at Redfin, says:

My advice for buyers is dont 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, nows not a bad time.

Buying More House Than You Can Afford

If youre tempted to stretch your budget a bit further than you should, youre not alone. A number of buyers are making this mistake right now.

But the truth is, its actually really important to avoid overextending your budget, especially when other housing expenses like home insurance and taxes are on the rise. You want to talk to the pros to make sure you understand whatll really 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 doesnt 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 up for the upfront costs of homeownership takes some careful planning. Youve got to think about your closing costs, down payment, and more. And if you dont work with a team of experienced professionals, you could miss out on programs out there that can make a big difference for you. This is happening more than you realize.

According to Realtor.com, almost 80% of first-time buyers qualify for down payment assistance but only 13% actually take advantage of those programs. So, talk to a lender about your options. Whether youre buying your first house or your fifth, there may be a program that can help.

Not Leaning on the Expertise of a Pro

This last one may be the most important of all. The very best way to avoid making a mistake thats going to cost you is to lean on a pro. With the right team of experts, you can easily dodge these missteps.

Bottom Line

The good news is you dont have to deal with any of these headaches. Connect with a local real estate agent so you have a pro on your side who can help you avoid these costly mistakes.

Venessa James - Broker Associate    

ABR, ALHS, CHMS, MCNE, LUXE, SFR, SRS  

Platinum Experience Group - KW Professionals 

(281) 889-8292 platinumexperiencegroup.com

Integrity, Experience, Results