For the third month in a row, the market is competitive and the inventory is low.

As exclusive buyer agents, we understand how frustrating this market is for home buyers. By working closely with our buyer clients, we’ve had success getting home buyers under contract. According to Bright MLS data, the market is still competitive with limited inventory. Working with an exclusive buyer's agent, you can create an MLS that will automatically deliver updates to your email inbox. You can also search for homes on Realtor.com or on the new MLS -Touch app. 

Success looks different for each buyer, however here are a few common mistakes to avoid when buying a home.

Stopping the home search in the fall and winter 

While inventory is lower in the fall and winter, home sellers are often motivated which means more negotiation power for the home buyer. When it comes time to make an offer on a property, you and your buyers agent will create an offer. When there is little to no competition from other home buyers, your contract will include contingencies which offer you more protection. 

Searching for homes out of your price range  

It’s common to tweak your home search as you go along but stay within your budget. When buyers search for homes out of their safe price range, it can hurt their progress. Stay within your budget so you keep your expectations grounded.

Changing important requirements of the home search

Buyers who frequently change their requirements, such as the desired location, property type, or budget, can disrupt the process. This can ultimately cause frustration for the buyer and agent. Clear communication about what is expected, needed and wanted is the best way forward.

Making major decisions without telling your buyers agent

Lack of timely and clear communication can create confusion and delays in the home buying process. If you've decided to search in a different neighborhood or state, tell your agent! If a relative is contributing funds to your purchase, tell your agent and your lender. If you decide to go with a different lender early in the process, tell your agent! Again, communication is key to success.

Making a major purchase during the home search

When you are buying a home, you will be pre-approved by a lender. Once a contract is ratified and buyers and sellers have agreed to move forward, your loan application will be submitted to underwriting. At this point, your financial situation is examined and the lender will ask for more documentation. Do not buy a car, or furniture or make any major purchases at this time. In addition, do not close out or open up new lines of credit. All of these things can effect your credit and possibly put you at risk for securing a home loan.

The goal is home ownership. To get there, learn how to buy a home, follow a plan of action and do the following:

Have a home inspection

‍Some buyers make the mistake of forgoing a professional home inspection to save time or money. A home inspection is crucial for identifying potential issues or defects in the property that may not be apparent to the untrained eye. Skipping this step can result in unexpected repair costs or discovering significant problems after purchasing the home. Most home buyers in 2023 are competing for properties. In this case, we suggest the pre-contract home inspection. This is done before submitting an offer for consideration. Once the buyer is satisfied with the inspection, they can make an offer that is not contingent on the home inspection.

Stay within your budget  

One of the most common mistakes is stretching the budget beyond what is affordable. It's essential to determine a realistic budget based on your income, expenses, and future financial goals. Failing to do so can lead to financial strain, difficulty making mortgage payments, or being house-poor, where a significant portion of your income goes toward housing costs, leaving little for other expenses.

Do your neighborhood research

Buying a home involves more than just the physical structure; it also involves the surrounding neighborhood. Failing to research the area can lead to unpleasant surprises such as high crime rates, inadequate amenities, or incompatible community dynamics. Take the time to visit the neighborhood, research local schools, commute times, and other factors that are important to you. Go during the day and again in the evening. Does it feel like a fit? If so, move ahead with the home search.

Consider what you will need in the future

It's important to think ahead and consider your future needs when buying a home. For example, if you plan to start a family or need extra space for a home office, ensure the property can accommodate these needs. Failing to plan for the future can result in outgrowing the home quickly or needing to make costly renovations or moves.

Don’t rush the decision-making process

Buying a home is a significant financial commitment, and it's crucial not to rush the decision-making process. Take the time to thoroughly research properties, compare different options, and consider your long-term goals. Rushing into a purchase can lead to buyer's remorse or settling for a home that doesn't meet your needs.

A quick story

During the pandemic, a home buyer was looking for a condo close to work in Washington D.C. About a month into the home search, she received word that she no longer needed to come to the office and could work remotely full time. Her focus shifted dramatically! We found her home on 2 acres of land in the Maryland countryside! We were so glad she hadn't rushed to make a decision on buying a home!

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How can we help?

The exclusive buyer agents at HomeBuyer Brokerage specialize in serving home buyers. Please reach out with questions at info@homebuyerbrokerage.com.