By: Jerika P – i-Lead Realty Social Media Manager
What are the house-hunting mistakes buyers usually make?
1. Not knowing what you can afford
Sometimes, buyers are taken in by the beauty of the homes they see during open houses and begin daydreaming about moving in, but they are unaware that they cannot afford the home. Before working with a real estate agent or looking at homes, buyers must first be pre-approved so they can identify the homes that might only fall within their price range.
2. Skipping mortgage pre-approval
You should be aware that the amount for which the bank can grant you a mortgage does not necessarily correspond to what you can afford to pay each month. Simply put, it’s not that easy. Always be pre-approved before looking at homes to save yourself, your agent, the seller, and the seller’s agent a lot of time and energy. Additionally, if you take any actions that could lower your credit score, such as financing a car purchase. This will give the bank a reason to postpone the pre-approved mortgage at the last minute.
3. Not shopping around
Purchasing a home is somewhat similar to buying clothing. Always keep an eye out for other homes that are for sale on the market that can fit your preferences and your family’s needs. Always seek alternatives to select the best option for you and your family. Know your options and while dwelling on a decision for a while can result in you losing the home you want. But at the same time, moving too quickly and not finding enough options is a mistake to avoid.
We know house-hunting can be intimidating, that’s why we always recommend finding a real estate professional. They will be able to guide you through the entire process. If you are searching for a Real Estate Professional or would like to learn more, you can contact us here.
Are we in a housing bubble? Here’s what some of the most successful realtors in the country say. Watch the video here