There are numerous homes for sale on the market, and more added on a daily basis! That's great news for buyers. Making the decision to buy a home is a major milestone in life that can be both exciting and overwhelming. A real estate transaction is a long process that has many moving parts. The excitement of envisioning your future home and all the memories you will make there is accompanied by the worries of where to begin.
You want to find your dream home within your budget, but how do you get started and make the best decision? Luckily, there are steps homebuyers can take to get informed and increase their buying power in the Real Estate market. Whether you're looking to buy right away, or are months away from beginning your house hunt, read these common buyer mistakes to make your home buying process seamless and enjoyable.
✨10 common mistakes buyer make, and how you can avoid them! ✨
1. Not Knowing They Can Trade Their Old Home For a New One
When you're looking to buy a home, there are three ways you can use the equity from your current home to help buy your new one.
1. If you have sufficient equity in your current home you can use this as a down payment on the new home.
2. If you have equity in your current home, but not quite enough for a down payment then you may be able to take advantage of seller or builder concessions.
3. If you have little or no equity in your current home, you can explore the option of a lease purchase. This allows you to rent your home to a future buyer. You may be able to use the rental income towards the purchase of your new home.
2. Visiting a Home Un-accompanied by Your REALTOR®
When you view homes make sure you are escorted by your agent. They will ask the appropriate questions, provide guidance, and protect your best interest. Your Realtor is there to protect you and make sure all your questions are answered.
3. Not Having the Support System The Buyer Deserves in Their Real Estate Transaction
As mentioned, the process of buying a home can be overwhelming. There are a lot of steps and details that a buyer should not have to tackle on their own. You deserve a full support system to deal with all the details and make the home buying process orderly and pleasant. A full support system includes a realtor, home inspector, mortgage lender, title company, pest control inspector, insurance, movers and more. When you hire a licensed Realtor like Team Crumbz, we will offer our network of contacts to make sure you have access to the best professional support system. The seller has a support system to guide and protect them and you need one too.
4. Not Knowing That Builders and Sellers Use REALTORS® to List and Sell Their Homes
When a builder or contracting company is building a new home they often implement the services of a real estate professional to make sure all the details are taken care of and the process of selling the home is seamless. When a seller is selling their home, they are also represented by a realtor. This ensures they find the ideal buyer and get the best price for their home. Their Realtor is fighting for their best interest.
Just as a builder and seller utilize the services and expertise of a real estate professional, you should too. If you are looking to buy a home it's always best to work with a real estate professional so they can offer you essential guidance and services through this major transaction.
5. Thinking the Builder's New Home Consultant Represents Their Best Interest
When you view a new home or community you will be greeted by a new home consultant. As helpful and knowledgeable as they are, they represent the builder and have their best interest in mind. Generally, the new home consultant is not a licensed real estate professional and is hired by the community to answer questions and encourage people to buy. Therefore they are not able to answer your real estate questions or concerns.
If you have a home to sell before purchasing your new home, the new home consultant can't help you or represent you. They are simply hired to assist the builder and/or community. In such a large transaction, it's best to visit these new properties with your licensed Realtor so they can give you direction and protect you through the process. If you end up wanting to put in an offer they can provide guidance and negotiate price.
6. Not Knowing the Services of a Realtor are FREE to You
One of the biggest mistakes a buyer can make is not knowing you can receive all the services of a Realtor absolutely free. When you buy a home the seller pays the realtors commission on a pre-owed home and the builder pays the realtors commission on a new home. pre-owed home and the builder pays the realtors commission on a new home. pre-owed home and the builder pays the realtors commission on a new home. pre-owed home and the builder pays the realtors commission on a new home. pre-owed home and the builder pays the realtors commission on a new home. pre-owed home and the builder pays the realtors commission on a new home. pre-owed home and the builder pays the realtors commission on a new home. pre-owed home and the builder pays the realtors commission on a new home. You do not pay anything for the fiduciary services of a licenced Real Estate professional.
When you hire a Realtor you receive all these services at no cost
- Consultation to discuss and understand your goals and personalize a home search that meets your specific needs.
- Research the listing services for potential properties that fit your needs
- Plan property showings and set up appointments that fit your schedule.
- With your goals in mind, we find homes to show you in varying neighborhoods to help you evaluate where you want to call home.
- Show you select properties then ask questions and listen to your feedback so we can continue to modify your home search to fit your specific needs.
- When we take you to see a home we guide you on important things to look for before putting in an offer. With your future ownership in mind, we help you evaluate the home’s condition.
- Throughout the process, we also provide advice about the cost to renovate and future resale value.
- A real estate transaction has many moving parts; loan options, inspections, closing costs, insurance, close of escrow, and movers. We offer our contacts so that you have access to the very best of these professionals.
- Demonstrate negotiation skills to get you the best price and value possible
7. Not Taking the Pre-purchased First-time Buyer Counseling Class
An 8-hour first-time home buyer class is offered from a local non-profit housing counseling agency. We can provide the agency contact so you can get started on your journey to becoming an informed homebuyer. When you take this class you get your homebuyer certificate. This certificate guarantees that you're the most informed and educated buyer you can be out in the market place. By taking this class you're also offered exclusive incentives to save you money during your real estate transaction.
8. Thinking They Can Buy the Home For Less if They Don't Use a Realtor
Often buyers believe they will pay less for a home by not using a real estate professional. In actuality, a realtor can negotiate a lower price for you. A builder or seller has already included the professional fee of a real estate agent into the transaction, so utilizing a professional does not formulate any additional costs. The listing price of the home costs the same with or without a realtor, but you have a better chance of a lesser price when you work with a realtor. They provide guidance on a price point to start with and use negotiation skills to get you the best possible price.
9. Thinking They Can Negotiate the Price of a Home on Their Own
Every home has a listing price. Many homes, especially new homes are typically overpriced. You need the services of a skilled real estate professional to help negotiate the best price possible.
We are dedicated to getting you the best possible result using pre-planned negotiation tactics and our deep understanding of market trends. We are aggressive and results driven, but also friendly and approachable. We skillfully negotiate to find solutions that meet your needs while working with the sellers representative. We know what team we are on (yours!) and we are relentless in making the process of buying a home smooth, hassle-free, and enjoyable.
10. Buyer Never Interviewed Agents Before Moving Forward
It's important you choose an agent that takes the time to get to know you and understand your wants, needs, and long-term goals. They should put together the best approach to finding your new home.
At Team Crumbz, we do things a little differently. From contract to close, we walk you through every step of the way so you are well informed and know every detail is taken care of with your best interest in mind.
We are in constant communication so you have access to all the new listings that become available within your search specifications.
We exceed our clients expectations and take great pride in delivering a high level of service.
We hope these common buyer mistakes will help guide you on your homebuying journey. Bookmark our blog page for Part 2 of this blog series; Mistakes Buyers Make and How You Can Avoid Them.
We believe in providing “service beyond the sale.” Working with our clients is about more than a closing a deal. It’s about guiding them through the major life event of buying or selling a home, and negotiating the best outcome.
🏡 Interested in Buying a Home? We provide the highest quality service and want to make your real estate dream a reality.
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