The 4 devastating mistakes buyers make

Jim_SamsonIt feels like you have almost all of your chips on the table when you’re looking to buy a property, but the stakes get even higher when it’s a seller’s market.

That means every little misstep as a buyer can lead to missing out on your dream house, overpaying by tens of thousands, and giving yourself premature gray hairs.

But that’s all easily avoided if you can just keep yourself from making these 4 devastating buyers’ mistakes…

1. Bidding war blindness

Here’s a trap that any buyer can easily fall into – bidding war blindness. You find a house you can see yourself living in for decades, but someone else seems to be thinking the same thing. A bidding war begins and you make the common mistake of throwing your budget out the window in order to do anything to get it.

The problem is that you might end up overpaying by thousands upon thousands before finding another fantastic home a week later for much cheaper.

Have a budget, stick to it, and make sure you and your agent have done your homework and know the true worth of the property.

2. Disregarding the trends

Everyone wants to believe they’re going to focus on the market and know every property worth by heart when they’re preparing to buy. However, most people end up buying based on their personal situation, right?

Is my marriage, family, career, etc. in the right place for me to buy a home?

When people finally feel like everything is in place to buy, the tendency is to just do it without thinking twice. But if you want to get the best deal and not lose out on thousands of dollars, make sure you hire a good agent, compare plenty of properties, and understand the trends of the current market.

3. Becoming desperate

Let’s say you’re just getting into the market. You’re ready and excited to buy, but you see houses flying off the available list. Now you have two choices: Panic and act out of desperation, or remain calm, trust yourself and your agent, and wait for the right deal.

It’s exactly that simple on paper, but when you have skin in the game and emotions running high it can be much more difficult…

4. Hesitating

The flip side of acting out of desperation is hesitating when you find the right deal. Hesitating often means missing out on that great deal and possibly your dream home.

To avoid hesitating, know your content. Do your homework going in to the process so you can be comfortable and swift in your actions.

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