A few weeks ago, we looked at some of the mistakes home sellers make. It's therefore arguably high time that we also considered some common errors that buyers make.
Indequately defining requirements - Without question, whether it's your first home or the latest in a long line of moves, knowing exactly what you're looking for helps the whole process so much. While you may have a vague idea of what you want your next home to be, it's so much easier if you really sit down and create a list of absolutely necessary requirements plus those that are desirable, if not critical. If you don't do this you'll fall into the potential trap of taking a lot longer to find the house you need. Briefing your agent in great detail pays huge dividends when it comes to creating a home viewing shortlist that's totally focused on your requirements. Don't forget to envisage likely future needs too, as that could even result in you never having to move again!
No mortgage pre-approval - It's a big mistake to leave preapproval of your mortgage until you have found the home you're looking for. Sellers will invariably take buyers more seriously if they are fully cleared for adequate financing to purchase the property. Leaving it all until you've spotted the home of your dreams can easily turn into a nightmare of disappointment, especially in a competitive market where sellers often have multiple offers to consider. All other things remaining equal, they are unlikely to favor you if you're competing with a buyer that has everything already sorted. And don't confuse pre-qualification as being the same as pre-approval. While it's better than nothing, pre-qualification is little more than an estimation of the amount for which you might expect to finally be approved, based on information provided to the lender.
Not acting fast enough in the current market - As we have been reporting extensively in blogs for so time now, inventory of available homes for sale in the Albuquerque area is at a multi-year low and the situation shows few signs of immediate improvement. It's therefore not a good strategy to be too long-winded when making a purchasing decision, as it's highly likely there'll be other more fleet of foot buyers ready to snap up the fabulous home that you've just found. We've just talked about getting mortgage preapproval in advance and it's a great example of the kind of preparations you need to make, so that you are able to make a fast, yet highly informed, decision.
Not asking enough questions during viewings - Never forget that viewing a home isn't simply a physical examination of the property. It also offers the chance to ask a whole host of questions that are extremely relevant to the purchasing decision. What about heating and ventilating costs, plus maintenance costs in general? Have all appliances and other mechanical home equipment items been regularly serviced? The list can obviously be pretty much endless and you also shouldn't be shy about trying everything down to the light switches. You should be establishing that here is a home that's been well looked after. Essentially it's a fault finding exercise, but incredibly important so that you know exactly what you might, or might not, be buying. Although the home inspection that your lender will commission should highlight any showstopping problem that can't easily be spotted on a visual tour, don't leave it all to that process.
Teaming up with an undermotivated agent - A buyer's agent is a very important person to have by your side in today's highly competitive home buying arena. And yet so many agents aren't dedicated to the task and fail to uncover all the homes that might suit you perfectly - something that's even more important when there's a short supply situation. Make sure you do your homework and hire an agent with a strong recent track record in finding the right home for clients, as well as testimonials to back it all up. In fact, why not contact us today and learn how, through determination and dedication, we continue to find the perfect home for so many people.