Imagine that you’ve found the perfect house. Congratulations! However, that doesn’t necessarily guarantee you’ll be living in your favorite house. There are simple things home buyers do that can ultimately cause them to miss out on their dream home. Do you want to see someone else living in your favorite house? Here are 4 common real estate slip-ups for Overland Park home buyers that can make your real estate dream become a nightmare.
1. Paying Attention to The Wrong Houses
Not having clearly defined perimeters on what you’re looking for is going to: 1. burn you out, and 2. make you gun shy. New houses hit the market daily. Try to keep up with all of them, and you’re wasting your attention and energy. That’s called Information Overload. Stay focused. Define your perimeters, and stick with them. Adjust when necessary, but then stick with them.
2. Writing Low-ball Offers in a Hot Market
When you’re in a seller’s market, you can’t write low-ball offers and expect success. Your favorite house is also everyone else’s favorite house, so come strong to be taken seriously. Watching too much HGTV can give you a Low-ball Mindset. Just remember, not everything you see on TV is real. Getting a “deal” in real life usually means buying something no one else wants. There are exceptions, but be realistic. When you think about owning a home for the next 5, 10, 20+ years, you have to keep in mind that every $5k in purchase price costs you about $25/mo. Often times, the difference between you living in your dream house, and you NOT living in your dream house equates to a little pizza money. In the long term, paying a fair price for the best house that’s available to you is always better than “getting a deal” on a bad house that may be difficult to sell in the future. Think about it.
3. Making BIG Purchases While Under Contract
Buyers often don’t realize anything they buy on credit affects their ability to qualify for a loan. Thinking about buying all new furniture at “0% Interest” for your new home? Wait until after you’re home purchase is complete. If it’s an emergency, check with your loan office BEFORE making major credit purchases. Also, keep in mind some rental property loans require a certain amount of cash reserves. Draining your savings before closing can also affect your ability to qualify. When in doubt, just ask your mortgage professional.
4. Doing Things in the Wrong Order
This might sound obvious, but purchasing a home can be complicated. Its a process. There are many things that must to occur in a specific order in order to ensure your success. People often miss out on their favorite house when they don’t follow a proven process. Looking at houses before you’re pre-approved? You’re toast. Looking for houses that aren’t right for you? Someone else is probably writing an offer on your would-be dream home right now. Working with a real estate professional who can keep you on track is the most important thing you can do when buying or selling a home.
Any questions? Feel free to reach me below.
Justin Rollheiser – REALTOR®
Keller Williams Realty | Diamond Partners Inc
13671 S Mur-Len Rd | Olathe, KS 66062
Direct 913-800-7653
Office 913-322-5878
www.JustinRollheiser.com
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