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Whether it's your first time or your fifth, shopping for a new home can be an emotional and at times stressful experience. It’s also time consuming, with a myriad of details that must be attended to. Here are some common mistakes that many buyers make...

Not knowing how much home you can affort BEFORE you start to look...

While Mortgage Calculators are a start, the easiest way to avoid this mistake is to get pre-approved for a mortgage, in advance, so you know exactly how much home you can affort and what your payments will be.  You're only setting yourself up for disappointment when you look at homes you can't afford because let's face it, those you can are never quite as nice!

Not getting Pre-Approved (not Pre-Qualified, there's a difference) before you start...

Again, get your financing in place right up front.  It gives you a distict advantage in the marketplace when it comes time to make an offer, because you can demonstrate to the seller your ability to complete the sale.

Not choosing an agent to represent you before ever stepping foot in a property...

If you're calling off ads and walking into open houses, you could be putting yourself at risk.  Why take the chance that whoever happens to pick up the phone or is sitting in that open house is the type of person you want to work with when making such an important decision?  Because once you see that home, you're stuck with that agent should you decide to buy it. Any agent can show any home.  Choose your agent FIRST so you're confident they have the knowledge and experience to represent YOUR best interests.

Working with an agent by default...

It amazes me how many people put more thought into who grooms their dog than they do when deciding who's going to help them purchase their largest single asset.  The next time you hear a real estate horror story where the agent was at less than highly competant, ask the person how they ended up working with that agent.  Most of the time, they didn't "choose" them,  it just kinda, well...happened.  Amazing!  I don't care if you're spending $50,000 or $5,000,000 - it's a lot of money!  Your neighbor's son that just got licensed?  Let him learn by doing with someone else's money.  That nice teacher down the street that sells real estate part time?  Talk to her when she's serious enough about this business - and your money - to do it full time.  Your agent should be full time, experienced and conduct business in your search area - be sure to ask plenty of questions when interviewing agents or simply hire me!

Not clearly defining your search parameters...

Prioritize your "wish list" of features, and do it together if there's more than one decision maker involved so everyone is on the same page right from the start.  Too many people go all over the place looking at homes they'd never buy because they feel they need to see everything.  All it does is confuse and delay the issue. Define the area you would most like to live in and branch outward from there. Flexibility is key, especially when working in more moderate price ranges.  Be realistic, as the absolutely perfect home may not exist at a price you can afford.

Bidding without sufficient information
What price do you offer a seller? Is the seller’s asking price too high? Is it a deal? What's happening with the local real estate market? Don't assume that national headlines correctly assess local market conditions - just as there is no national forecast, there is no national real estate market!   Without research on the local market and comparable homes, you could lose thousands of dollars.  A professional REALTOR®, can provide you with a Comparative Market Analysis on the property you're considering to determine whether the asking price is too high or a great value.  Without knowledge of the market, your offer could be too much. Or worse, you could miss out on a great buying opportunity.