Being a first-time home buyer can be scary! Think of it sort of like starting a new job. You have a sense of what you need to do, but you don’t know all the ins and outs at first. Here are three very common mistakes that first-time home buyers make.
1. Wanting the Dream House Right Away
Wanting and expecting to get your Dream House during your first home-buying process could be a heart-wrenching mistake.
Figuring out what your priorities are in a home can save a lot of time through the process. Making a list of wants/must-haves can help you break down the criteria, and prepare you to make some decisions on what items you are willing to trade off.
Whether they are first-timers or on their 10th house purchase, I have all of my clients fill out a Home Finder’s Profile. The questions I ask in the profile are tailored to help you (and me) get a clear-ish understanding of what you’re seeking in a home. More importantly, the profile has a Wish List section, which includes your Must Haves, Nice to Haves, and Can’t Stands. It’s important to have this list before you start looking for a home so that you don’t miss any red flags or settle for something you really don’t want just because you fall in love with, for instance, the location or one of the home’s features.
2. Starting to Tour Homes Before Loan Pre-Approval
Getting pre-approved is much more important than buyers think when beginning the search for a new home. It’s better to understand what your budget is, so you don’t start looking in a higher price range and end up heart-broken when your favorite is above budget.
An added bonus is that you will be ready to move forward with an offer when you do find your perfect place. And in this market, being able to move quickly is essential. And that brings me to the third first-time home buyer mistakes…
3. Waiting Too Long to Make an Offer
If the house checks all the boxes, what are you waiting for? Make an offer!
In the Seattle and Bellevue real estate markets, homes sell very quickly. A very common mistake of first-time home buyers is waiting to move forward on an offer for a home. Yes, it is a very big decision! However, you aren’t the only ones out there with a similar budget looking for similar homes in similar areas. Just last week, a 4-bedroom house in Puyallup received 45 offers.
So when you find a home that it fits your criteria (all of your Must Haves and none of your Can’t Stands), it is best to make an offer quickly. But remember, even though you make an offer doesn’t mean the house is yours. In this market, there is a good chance you could be outbid or the seller doesn’t accept your offer. A majority of first-time home buyers experience this least once during the process of finding a home. When working with me, I will advise you on when to act quickly and when to wait, based on research, conversations with the listing agent, and experience.
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If you’re a first-time home buyer and want to get the process started, let’s have a conversation. Call/text me at (206) 369-6240, send me an email, or fill out my online contact form. I love guiding clients through the fun and exciting yet overwhelming and emotional process of buying their first home.
