Making mistakes is never enjoyable, especially when they occur during what’s probably the largest purchase you'll make—buying a home.

Partnering with a trusted agent is crucial. Let’s take a look at some common mistakes buyers are making in today’s market and how a good agent can help you avoid them.

Trying To Time the Market

Many buyers are looking to time the market by holding off until home prices or mortgage rates go down. However, this approach can be quite risky since various factors influence those prices and rates. As Elijah de la Campa, Senior Economist at Redfin, points out:

““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.”
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— Elijah de la Campa, Senior Economist at Redfin

Buying More House Than You Can Afford

If you're thinking about pushing your budget a little more than you should, you're not the only one. Many buyers are making that choice these days.

It's crucial to stay within your budget, especially with rising costs for home insurance and taxes. It’s a good idea to consult professionals who can help you grasp what will truly fit your financial situation. Bankrate recommends this approach:

““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.”
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— Bankrate

Missing Out on Assistance Programs That Can Help 

Saving for the initial costs of buying a home requires some thoughtful preparation. You need to consider things like closing costs, your down payment, and additional expenses. Plus, if you don’t have a team of knowledgeable professionals by your side, you might overlook programs that could really benefit you. This is happening more often than you might think.

Realtor.com finds that nearly 80% of first-time homebuyers qualify for down payment assistance, but only about 13% utilize these programs. It’s a good idea to discuss your options with a lender. Whether it's your first home or your fifth, there might be a program available to help you.

Not Leaning on the Expertise of a Pro

This last point might be the most crucial. The best way to prevent costly mistakes is to rely on a professional. When you have the right team of experts by your side, you can effectively steer clear of these pitfalls.

Bottom Line

You won't have to handle any of these issues alone. Let's get in touch so you can have an expert on your side to help you steer clear of these expensive missteps.