Nobody likes making mistakes, especially when it comes to what’s likely the largest financial decision of your life—buying a home.
That’s why partnering with a trusted real estate agent is crucial. Here’s a look at some common pitfalls that buyers are facing in today’s market, and how the right agent can help you steer clear of each.
Trying to Time the Market
Some buyers attempt to time the market, waiting for home prices or mortgage rates to drop. But this approach can be risky—there are numerous factors that can cause unexpected shifts. Elijah de la Campa, Senior Economist at Redfin, explains:
“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
It’s tempting to stretch your budget, especially with rising home prices. But buying more house than you can realistically afford can lead to financial strain, especially as costs like taxes and insurance climb. Bankrate advises:
“Focus on what monthly payment you can afford rather than fixating on the maximum loan amount you qualify for. Just because you qualify for a $300,000 loan doesn’t mean you can comfortably handle the monthly payments along with other obligations.”
Missing Out on Assistance Programs
The upfront costs of homeownership—like down payments and closing fees—can be intimidating. But there are assistance programs available that can ease this financial burden. In fact, Realtor.com reports that nearly 80% of first-time buyers qualify for down payment assistance, yet only 13% take advantage of it. An experienced lender or agent can help identify programs that might be perfect for you, whether you’re buying your first home or your fifth.
Not Leaning on Expert Guidance
This final mistake might be the most crucial of all: not taking advantage of professional expertise. A knowledgeable agent can help you sidestep these common pitfalls, making the buying process smoother and safer.
Bottom Line
The best part? You don’t have to navigate these challenges alone. Let’s connect so you have an experienced professional by your side to help you avoid costly mistakes and enjoy a smoother path to homeownership.
