Biggest Homebuyer Mistakes
Welcome to my blog! Here, I strive to provide my clients and future clients with valuable insights on the current housing market, emerging trends, and all things related to Las Vegas and Henderson. Most importantly, I’m just a click away to answer any of your pressing questions. — Lauren Paris, Simply Vegas
There is nothing more disheartening than making mistakes, particularly when it concerns the most significant financial transaction of your life – purchasing a home.
This is why choosing a reliable real estate agent, like Lauren Paris, is critical. Here are some of the prevalent slip-ups potential homeowners are making in this market, and how an exceptional agent can guide you away from them.
Resisting the Temptation to Time the Market
A good number of buyers are attempting to time the market, waiting for a dip in home prices or mortgage rates. However, this strategy can be quite risky owing to the numerous factors that influence these elements. Elijah de la Campa, a Senior Economist at Redfin, advises:
“Don’t attempt to time the market. Numerous unpredictable factors, such as the forthcoming jobs report and presidential election, could throw the housing market off track. If you’ve found a home you love and can afford it, now may be the right time.”
Avoid Overspending on a Home
The temptation to stretch your budget a tad too far is a common error among many buyers.
However, it’s crucial to desist from overreaching your budget, especially with the increase in other housing-related expenses like home insurance and taxes. It’s important to consult with professionals to ascertain what truly works within your financial plan. Bankrate suggests:
“Focus on the manageable monthly payments you can afford, rather than obsessing over the maximum loan amount you qualify for. Just because you qualify for a $300,000 loan, doesn’t automatically mean you can comfortably handle the monthly payments alongside your other financial responsibilities.”
Don’t Overlook Assistance Programs
Planning for the upfront costs of homeownership requires meticulous budgeting. You need to consider your closing costs, and down payment, among others. By not engaging a team of seasoned professionals, you risk missing out on beneficial programs. Unfortunately, this happens more often than one may think.
As per Realtor.com, nearly 80% of first-time buyers are eligible for down payment assistance, but a mere 13% actually utilize these programs. Therefore, consult with a lender about your options. I have the best lender in Las Vegas! Contact me to get her information! Whether it’s your first or fifth home purchase, there could be a program to assist.
The Importance of Professional Expertise
Arguably the most critical tip is to rely on the expertise of a professional. The most effective way to prevent costly blunders is to trust in a professional team like the Lauren Paris Group.
