10 MISTAKES BUYERS MAKE IN THE REAL ESTATE
MARKET
1) Trying to buy a
home without the expert advice of a Realtor.
Trying
to buy a home without a Realtor is a big mistake unless you are a real estate
expert or professional.. If you find a Realtor that knows
the market and spends quality time with you it’s priceless considering they
will handle all the research, paperwork and protect you with your purchase.
Remember, the seller pays the commission and will limit the liability
and headaches that you may occur without one.
2) Using a Realtor
that does not knows the area and the market.
Please!
Please! Please! Find a Realtor that
understands the value of homes, condos or townhomes, or you will be very
disappointed in your interaction with the person. Find someone who knows the
area like the back of their hand and can guide you along so you find the best
and most desirable home to live in. A good Realtor should be able to find the
perfect home for you only if they are
experts in the areas, prices, amenities and value of locations.
3 )
Thinking prices are are too high
No
one has a crystal ball but every location in this county differs in prices
points. There are many people who try to time the up or down of the
market. It is impossible because nobody
can predict the top or bottom of any market whether it’s real estate or
securities. A condo in the middle of Manhattan
is probably priced as much as ten times the price you would pay in Fort Lauderdale for example.
4)
Thinking that buying a home is an investment
Most
People think a home is an investment and to a degree it is however, only if you
are a true investor. A true investor is someone that is looking for return on
investment and wants to have a constant cash flow. True investors buy multiple
units, commercial properties and other types of real estate. The average buyer
should look at a property from the prospective that they are not renting it out
or selling the property in the short term. The home you are buying is a place
you are going to live and enjoy the area and lifestyle. Money is not the
primary objective if you can afford the taxes, mortgage and upkeep of the
property.
If
you have a mortgage on the property it becomes a forced savings account. You
pay the mortgage and you build equity in the home and as times passes you will
make money if you purchased it at the right price.
5)
Not being qualified properly by Your real Estate Agent
If
your real estate agent doesn’t ask you every question under the sun you are
wasting your time. The agent should know how much you are willing to spend. Are
you paying cash or financing because that will make a difference when it comes
down to negotiating the price of the property. If you are financing the realtor
should help you with bank qualifications, unless you have this in place. The
location that you want to live in, very important! What are the reasons and motivations for you
buying this property. A realtor can’t read your mind and should sit down with
you and research properties together using the Internet so you both can figure
out your likes and dislikes are. It should be a process of elimination. If a
realtor just shows you a couple of properties thinking that you will like them
you are spinning your wheels.
6)
Not being able to get past the cosmetic appeal
No
everyone is an interior designer. You need to have an open mind when looking at
properties. Try to get past the paint color and the general overall décor of
the house. Disregard the clutter and superficial aspects of the home. An
experienced Realtor should point out what you can do to improve the cosmetic
problems.
7)
Having a Realtor that will not persuade you to make a lower offer
A
realtor with good negotiation skills should be able to negotiate and make an
offer below the asking price and market value. Many Realtors are afraid they
will offend the seller. Well, too bad, the only thing that can occur is the
seller says no to the offer and more than likely will counteroffer. In most
cases you will get a discount on the home if you have the right negotiator.
8) Not listening the real estate agent
Please
listen to your Realtor! If the Realtor has experience
and is an expert in the field this person will guide you to success.You
sometimes may have to pay a little more for a home but you are getting what you
want and in a great many cases you are still buying below market value.
9) Not knowing precisely the location that you
want to live in
Before
you decide to purchase a home do some research on your own and find an area
that you want to live in. It will make the buying process much more desirable.
However, if you are not sure find a Realtor who is an expert on all the areas
and can ask you questions regarding your likes and dislikes.
10) Thinking that the price you pay means everything
The price is important but if you are living in the home and it's a great location and home you like that should be the biggest motivator in the purchase.
I you are looking for a South Florida & Fort Lauderdale Home or Condo you can view thousands at
my website at The Tony Hammer Group.
