How To Avoid 5 Emotional Mistakes of Home BuyersApr 17 2013
One of the hardest parts about being a home buyer is getting too emotionally involved. While you can't blame yourself (this is one of Life's Biggest Purchases!), here are a few things from Bankrate.com NOT to do when buying a home. Keep those emotions in check!
1. Not Negotiating Realistically
When purchasing a home, home buyers are always trying to find a deal. However, making an lowball, unrealistic bid will not only get rejected, but it will lengthen the process, annoy the seller and possibly make you lose the property.
2. Falling In Love at First Sight
When searching for a new home, you should make sure you view at least five properties, if not more. That's because, falling in love with the first or second home you view could lead you towards buyer's remorse, overpaying and/or the inability to sell the home at a reasonable price down the road.
3. Always Looking For a Better Deal
With today's current housing market, many home buyers believe there will always be a better deal down the road. However, this can be a mistake since, even though home prices are unbelievably low and it seems that rates are dropping everyday lately, you cannot predict the future and never know when this will change. If you find a great deal on a home, don't wait around, hoping for a better one.
4. Looking For Perfection
Everyone hopes to find the perfect home, but at what cost? While it usually is hard to find a perfect home, if you do, try to make sure you can afford it. Usually getting too emotionally attached to a "perfect" home leads to the home buyer overpaying and overextending themselves financially.
5. Thinking "Short Sale" Automatically Means "Deal"
The words "short sale", "real estate owned" and "REO" are all industry buzzwords used to lure in bargain-hungry home buyers. While you can find deals with foreclosures and short sales, you still need to make sure you factor in everything – don't just assume you're getting a good deal because of the words attached to the home. To avoid this, make sure you use a buyer's agent who knows the local neighborhood.