Mistakes Buyers Make When Looking For a Home

House Hunting Mistakes Made by Buyers

Buying a home can be a very emotional process so it’s important to keep your emotions in check and make the most rational decision possible.  Here are some emotional mistakes people make when buying a home.

Falling in love with a house you can’t afford

Your Realtor should make sure you are pre-qualified before showing you homes, that way you won’t be looking out of your price range.  Once you’ve seen a $300,000 house it will be tough to settle for a $250,000 home because that’s all you qualify for.

Thinking that a particular house is the only one that will suit you

We’re somewhat limited with the inventories of homes here but every week new homes are coming on the market so don’t lose hope.  Maybe you can adjust your requirements some and it will open up additional properties to view.

Being so desperate to become a homeowner that you buy a place that doesn’t suit you

Don’t let your REALTOR talk you into a house.  You’ll know whether the house is the one for you and your family.  The costs of buying a home not truly suited for you will outweigh the benefits of home ownership in the long run.

Overlooking important flaws in the structure, appearance or location of the house

For any of the reasons covered above, you might be tempted to ignore major problems that will be difficult, expensive or impossible to change.  Carefully consider you options before you make a commitment, and consider waiting until something better comes along.

Thinking you’re a handyman when you’re not

Don’t buy a fixer-upper if you have no skills, time or extra money to do the work.  Believe me I’ve made this mistake before.  Honestly evaluate your abilities and your budget before purchasing a property that isn’t move-in ready.

Putting in an offer before carefully considering all the pros and cons of the property

Make sure you feel comfortable in your decision.  I always ask buyers to sleep on it.  If they feel they’ve got all their questions answered and this home suits their needs, then I’ll write up an offer with them.  I’ve had buyers after sleeping on it come back the next day and pick a totally different house. 

Being too slow to pull the trigger

It’s a tough balancing act to make sure you make a careful decision yet don’t take too long to make it.  Losing out on a property that you feel is perfect for you can be heartbreaking.  Don’t fall into the trap of Analysis Paralysis.

Offering more than a house is worth

Your REALTOR, if he is representing you, should provide information that will give you confidence in making an appropriate offer.  Keep in mind the Interior of Alaska is not Florida, Arizona or Las Vegas.  Homes sell on average at 97%-98% of the Listed Price.  Low ball offers in this market will get you nowhere.

Conclusion

Even knowing all of these things, it’s still hard to act on them.  Slow down, overcome your emotions and make a home purchase decision that’s good for both your feelings and your finances.

If you have any Real Estate questions you can contact Bert Perkins at Stars & Stripes Realty, 907-328-9148, or visit www.StarsandStripesRealty.com to view active listings.

Some information provided in this came from previous inserts from Bert's Service for Life Newsletter.

Big Bert Perkins

ASSOCIATE BROKER

Stars & Stripes Realty

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