Tips for Buyers
Common Home Buyer Mistakes
- Not getting pre-approved. Establishing purchasing power is an extremely important first step in the home buying process.
- Not meeting with a REALTOR® for a Buyer counseling session. During this session the Buyer has the opportunity to screen, interview, and “hire” an agent. Don’t take making this selection lightly.
- Buying a home is the biggest purchase a person will make in their lifetime. There is a difference in the experience levels of all REALTORS®. Buyers need to find out what the agent can and can’t do for them. “Hiring” an agent does not mean that you have to pay them! Ask your agent for an explanation.
- Trying to work with multiple REALTORS®. It’s always in the best interest of a buyer to work with only one agent. Working with one agent will eliminate a lot of confusion and keep the focus on the goal of finding the right home.
- Not acting quickly enough. When a new property comes onto the market don’t hesitate to go out to look at it or make an offer. For every home for sale there can only be one buyer. Time is of the essence!
Tips to help you in your home search
- Get preapproved for a mortgage. This will help you to understand how much you can spend and how much you can afford on a monthly basis on your home purchase.
- “Hire” a REALTOR® who specializes in Buyer representation. Having buyer representation from a REALTOR® assures that your best interests are being looked out for. “Hiring” an agent does not mean that you have to pay them! Ask your agent for an explanation.
- Do your research. What criteria of a home are most important for you? What cities or towns are you interested in searching? How many bedrooms? Baths? Etc. Once you’ve made some of these decisions your REALTOR® agent can help you to find the properties that you are most interested in.
- Think about the future. What type of property are you buying? Are you looking for a starter home? Could you need a larger home within a few years? Thinking about the potential for changes in the future can dictate what type of home you’ll buy today.
- Don’t have unrealistic expectations. It’s ok to be picky but there is no such thing as a perfect house.
Why work with a REALTOR® when buying a home?
It’s important for a Buyer to know that not all Real Estate practitioners are REALTORS®. The term REALTOR® is a registered trademark that identifies a real estate professional who is a member of the NATIONAL ASSOCIATION OF REALTORS® and subscribes to its strict Code of Ethics. The following are some reasons why is to your advantage to work with a REALTOR®.
- Guidance – Real Estate transaction are intricate. The assistance of a Real Estate professional who will make the process easier can be invaluable. From negotiating offers and home inspections to executing purchase and sale agreements, there are steps along the way where an experienced REALTOR® can provide important guidance.
- Information – Your REALTOR® can provide you with access to the information you’ll need on the communities, properties, schools and more. They know where to find the answers to all of your questions.
- Expertise and Experience – In some cases, your REALTOR® has been involved in literally hundreds of successful transactions for their buyer clients. They know what pitfalls to look out for and when to recommend the consultation of other professionals. They are also well versed in the terms that make up the language of Real Estate.
- Objectivity – Considering that a home often symbolizes the center of our lives, buying a home is a meaningful and emotional experience. Having an objective and knowledgeable party who is on your side is vital.
- Code of Ethics – Members of the NATIONAL ASSOCIATION OF REALTORS® make a commitment to adhere to a strict Code of Ethics which is based on professionalism and protection of the public. You can expect honest and ethical treatment in all transaction related matters. REALTORS® are required to complete a refresher course on the REALTOR® Code of Ethics every four years.