Nobody likes making mistakes, especially when it comes to one of the most significant financial transactions in life—buying a home.

That’s why working with a reliable real estate agent is essential. Here’s a look at some of the most common mistakes buyers are making in today’s market and how a skilled agent can help you avoid them.

Trying to Time the Market

Some buyers are attempting to wait for home prices or mortgage rates to drop before making a move. This approach can be quite risky, as various factors can influence the market. Senior Economist at Redfin, Elijah de la Campa, offers this advice:

“My advice for buyers is don’t try to time the market. There are ​a lot of swing factors, like the upcoming jobs report and the presidential election, that could cause the housing market to take unexpected twists and turns. If you find a house you love and can afford to buy it, now’s not a bad time.”

Buying Beyond Your Budget

It’s tempting to stretch your budget a bit further to get the home you want, and many buyers are falling into this trap. However, it’s crucial to avoid overcommitting financially, especially as other expenses like insurance and property taxes rise.

As Bankrate suggests, “Focus on what monthly payment you can afford rather than fixating on the maximum loan amount you qualify for. Just because you can qualify for a $300,000 loan doesn’t mean you can comfortably handle the monthly payments that come with it along with your other financial obligations.”

Overlooking Available Assistance Programs

Saving for the initial costs of buying a home, like the down payment and closing costs, requires careful planning. Without the right guidance, you could miss out on financial assistance programs that might ease these expenses.

According to Realtor.com, nearly 80% of first-time buyers qualify for down payment assistance, yet only 13% use these programs. Speak with a lender to explore your options, whether you’re purchasing your first home or your fifth—there may be valuable assistance available.

Not Relying on Expert Advice

Perhaps the most crucial step of all is to lean on professional expertise. With the right team by your side, you can avoid these common pitfalls and navigate the buying process more smoothly.

Bottom Line

The good news is that you don’t have to face these challenges alone. Let’s connect so you have a professional on your side, helping you steer clear of these costly mistakes.