Buyers face challenges in any market. Today’s market is no different. With higher mortgage rates and rising prices, plus the limited supply of homes for sale, there is a lot to consider.
But, there’s one way to avoid getting tripped up. And, that’s leaning on a real estate agent for the best possible advice. My insights will help you avoid some of the most common mistakes homebuyers are making right now.
Putting Off Pre-approval
As part of the homebuying process, a lender will look at your finances to figure out what they are willing to loan you for your mortgage. This gives you a good idea of what you can borrow. While house hunting can be a lot more fun than talking about finances, you don’t want to do this out of order. Make sure you get your pre-approval first.
Holding Out for Perfection
While you may have a long list of must haves and nice to haves, you need to be realistic about your home search. Even though your ideal is to find a home that checks every box, you may need to be willing to compromise – especially since inventory is still low. Plus, a home that has everything you want may be too pricey.
Instead, look for something that has most of your must haves and good bones. You can add anything else you may need down the line.
Buying More House Than You Can Afford
With today’s mortgage rates and home prices, there is no arguing it’s expensive to buy a home. And while it may be tempting to stretch your finances a bit further than you are comfortable with, you want to avoid overextending your budget. Make sure you talk to your agent about how changing mortgage rates impact your monthly payment.
Not Working with a Local Estate Agent
This last one may be the most important of all. Buying a home is a process that involves a lot of steps, paperwork, negotiation, and more. Rather than take all of this on yourself, it’s a good idea to have a pro working with you. The right agent will reduce your stress and help the process go smoothly.
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