The Biggest Mistakes Seattle Buyers Are Making Today
June 3, 2024
However, one way to avoid pitfalls is by leaning on a real estate agent for expert advice. An agent’s insights can help you avoid common mistakes that homebuyers are currently making.
Putting Off Pre-approval
As part of the homebuying process, a lender will evaluate your finances to determine your mortgage loan eligibility. This provides clarity on your borrowing capacity, helping you understand the financial aspects before you start house hunting. While searching for homes can be more enjoyable than discussing finances, it’s crucial to get your pre-approval first to streamline the process. As CNET explains:
“If you wait to get preapproved until the last minute, you might be scrambling to contact a lender and miss the opportunity to put a bid on a home.”
Holding Out for Perfection
“When you expect to find the perfect home, you could prolong the homebuying process by holding out for something better. Or you could end up paying more for a home just because it meets all your needs.”
Buying More House Than You Can Afford
“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 doesn’t mean you can comfortably handle the monthly payments that come with it along with your other financial obligations. Every borrower’s case is different, so factor in your whole financial profile when determining how much house you can afford.”
Not Working with a Local Real Estate Agent
This last tip may be the most crucial. Buying a home involves many steps, paperwork, and negotiations. Instead of handling everything on your own, it’s wise to work with a professional. The right real estate agent will reduce your stress and ensure a smooth homebuying process. As CNET explains:
“Attempting to buy a home without a real estate agent makes the process more arduous than it needs to be. A real estate agent can give you professional legal guidance, market expertise and support, which will save you time, money and stress. They can also increase your chances of finding the right home so you don’t have to spend hours scouring the internet for listings.”
Bottom Line
