Nothing is more emotional and more highly charged than purchasing the place where you are going to raise your family, put down roots in the community, become involved in schools and other civic organizations.
And to make that decision without having an advocate is nothing short of foolhardy. It is in your best interests to be adequately represented in this, the most important of all financial investments for your family’s well being.
Although the home buying process varies with each person according to their specific needs, most transactions follow a general path.
To avoid the stress of purchasing a new home, secure all the information you can about a property, make informed intelligent decisions and avoid these 10 Buyer’s Mistakes:
1. They get penny wise and pound foolish when it comes time to make an offer.
If you are certain that you have found your dream home, don’t place an unreasonably low offer, especially if there is buyer competition. If the home truly is as dream worthy as you consider it to be, it is highly unlikely that you are the only interested buyer. So if the home is well within your budget, consider placing an offer that is towards the top of your budget in order to knock your real estate competition out of the ball park or risk losing the house.
2. They believe something better is around the corner.
Some buyers give into fears that prevent them from making a decision to purchase. These fears can manifest in different ways, one of which is “waiting for something better” to come along. These buyers will ultimately waste too much time and lose out on the opportunity to purchase quality homes. If you sit on the fence and wait, you could end up literally waiting for years. When you find the perfect home (which is only ever 85% perfect), make an offer to buy it.
3. They lack imagination when seeing home.
People shopping for a new house usually lack imagination. Generally, buyers only know what they see not the way it is going be. Some people might initially want a turn-key house, a house that is ready to be lived in, not a home where they will immediately have to begin painting and remodeling. Try to use your imagination and picture yourself and your belongings in homes you visit because you may be overlooking your dream home.
4. Focus on who is right or wrong vs. getting their home.
Imagine you found a house and decided on an offer. The seller will often counter the best offers to see who’s willing to pay more. It’s easy to get embroiled in a “right and wrong” debate and keep countering offers. Don’t expect several rounds of these counters, however. This isn’t an auction, and you wont have unlimited opportunities to raise your bid. The seller will typically snatch the most attractive counter to their counter. If you haven’t made your best showing, you’ll lose out to someone who did. Right or wrong won’t matter here. You will not get your home.
5. Listen to water cooler talk instead of their trusted advisor.
Everybody is getting exposed to news from varied sources these days. The internet can be a powerful albeit unreliable source. Sadly, many bloggers, think that because they constantly preach about how prices are crumbling and everyone will lose all their money that somehow that makes them trustworthy, like, “See I’m telling you bad news so you can trust me.” Unfortunately, your friends and colleagues pass this information on as credible and it could cost you dearly. Trust your Realtor to give you accurate information and advice during the buying process.
Stay tuned for part 1 . . .
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