Spring and summer are peak homebuying seasons. Beautiful weather, summer vacation, and often higher inventory can make it the ideal time for many homebuyers to extend an offer. However, the rush of activity can sometimes lead to rushed decisions, which often result in costly mistakes. In hot markets, emotions run high and competition is fierce, so it’s easy for buyers to overlook red flags. If you plan to buy a home this season, here are the most common mistakes buyers make and ways to avoid them.
One of the biggest mistakes buyers make is falling in love with a home before fully evaluating it and its criteria. That stunning marble kitchen island or oversized backyard can cloud your judgment, causing you to ignore red flags like a bad layout or signs of deferred maintenance.
In a competitive real estate market, showing up without pre-approval or proof of funds is like showing up to a job interview without a resume. And even with pre-approval, many buyers still overestimate what they can comfortably afford, especially when emotions run high in a bidding war.
You may be tempted to waive the home inspection or appraisal contingency to win a bidding war. While this may give you a competitive edge, it can lead to costly surprises and stress if hidden issues arise after you close on the house. Or, if the home doesn’t appraise, you’re left covering the difference.
A stunning home in an inconvenient-for-you area can quickly become buyer’s remorse. Factors like commute times, school quality, walkability or future development projects can significantly impact your long-term satisfaction.
Spring and summer are fast-paced, and indecision can cost you a dream home. Some buyers hesitate too long, only to find it under contract the next day.
Buying a home in the spring/summer rush can be exciting, but it pays to stay grounded.
New Heights Group delivers outstanding service, personal attention, and results to grateful clients. Contact them today!
Contact Us