Knowing your local Real Estate market will determine how much of a good deal you’ll be able to secure. Simply coming in with a low ball offer when the market won’t bear it, will result in great disappointment; you’ll likely lose the home you love.
Various markets, whether a Seller’s, Balanced or Buyer’s will have strategies that work in each market. Discuss this with your Real Estate Agent who can direct you in presenting an offer on the home you love.
If you’re really not serious about buying a home and are more interested in getting a bargain basement deal, then you simply wanted a good deal and gambling in a Seller’s Market will prove futile.
You now live next to the neighbor from hell
No, not this neighbor, tell me it isn’t so! We’ve all heard the stories of the neighbor from hell. Run.
Do your neighborhood homework before buying a home. Drive by during the evening hour and weekend hours if you can, to see what the neighbors are up to. Of course, they’re far and few between, but wouldn’t you like to know before you move in and discover that your neighbor loves to blast loud music from his backyard?!
It all boils down to this, in closing:
Know what you can afford, choose your new home with your head and not your heart, understand timelines involved in the home you choose, have a home inspection, understand the effects of an appraisal, know your purchasing power, don’t over deal and find out about the neighbors. Of course, this doesn’t cover all potential home buying pitfalls, but it will get you started. Happy home buying!
Now you’re armed with being able to actually avoid the common pitfalls in home buying.