10 Major House Hunting Mistakes
House hunting can be one of the most exciting parts of looking for your new home. It can also be a stressful process when it's not done right. The key to success in house hunting is to strategize before you begin. A smart search means you'll save time, money, and your sanity during the rest of your home-buying process. To help you embark on an enjoyable house hunting journey, here's a list of 10 of the biggest house hunting mistakes that potential buyers can make.
1. Not Getting a Mortgage Pre-Approval - Without this initial approval, you're telling potential sellers that you're not really serious about buying a home. Having a mortgage pre-approval will help improve the odds of your offer and also tells you how much mortgage you qualify for. So, you don't waste your time looking at properties you can't afford and you show home sellers who are in your budget how serious you really are.
2. House Hunting Without an Agent - In this ever-tightening and highly competitive market, it helps to have a jump on the competition. The only way to do that is through a real estate agent. Agents are the first to see new listings as they appear and can help you avoid costly negotiating mistakes.
3. Being Indecisive - Make a wish list before you start looking for a home so that you know where to focus your energy. Narrowing your list down before you begin filling your weekend with home tours will save you a lot of time in the long run.
4. Waiting Too Long to See a Home - When you're house hunting in a low inventory and high demand market, waiting to see a listing or make a move could end up in a missed opportunity. Even waiting as little as a day can make a difference in whether or not you get the chance to put an offer on a potentially perfect new home.
5. Listening to Outside Advice - Getting a second opinion on a home you're interested in buying is smart, but getting multiple second opinions can cloud your judgment. Make sure you're asking for advice from confidants who are looking out for your best interests and know what you need in a home.
6. Rushing Through an Open House - In order to get a real sense of a house and know if it's the right one for you, you must explore it in detail. Taking the time to do a full inspection of the home, like opening closets and cabinets, will ensure you've examined every detail, both large and small.
7. Letting Big Upgrades Distract from Little Details - While a house at first glance may look amazing, especially a newly remodeled or a fixed up flip. Don't let the presence of new fixtures take away from your inspection of the quality of materials and the potential for a rushed finished.
8. Expecting Perfection - It's very rare, almost impossible, to find a home that is 100% perfect in regards to your wish list. There will always be something that could be better. This is where knowing what you must have and what you could go without helps. Have an idea of the home features you won't compromise on so you can still take a less than perfect home for what it's really worth.
9. Falling in Love with the Home's Decor - The increasing popularity of home staging has started to make it easier to fall in love with the decor of the home rather than the home itself. Instead, try to envision yourself and your furniture in the home to get a genuine feel for what it would be like to live in it.
10. Overlooking the Neighborhood - A home can be perfect, but the neighborhood could be less than desirable. When you tour a home, make sure you save time to tour the neighborhood as well. Check for red flags such as unkept lawns, loud neighbors, speeding cars and try to get an overall vibe of the neighborhood to make sure it's right for you. There's a lot of things you can change about a home but unfortunately, the location is not one of them.
Fall and First-Time Buyers
Fall is for first-time buyers, according to recent data from a Trulia and Price Watch report. We're expected to see an inventory peak during the month of October that is met by minimum listing pricing, and this is projected to continue throughout the remainder of the year. The most dramatic shifts in housing availability and affordability are expected to be seen throughout California and other west coast states. While the housing market overall is still experiencing tight inventory with worsening affordability, the cooler months and end of year lows could prove to be the most beneficial for first time home buyers who have been waiting for the best time to invest.
If you're looking to purchase a home in South Orange county and are looking for an experienced, reliable real estate agent, I can help. As one of the Top 10 agents in the Coldwell Banker Laguna Niguel office year to date, I'm honored to be able to help my clients find the perfect home within their budget. Call me today at 949-500-9714 to learn more and get started.