Real estate agents say emotional mistakes are common among homebuyers, who sometimes let good deals pass them by. Or worse, buyers overpay for their "dream homes" because they let feelings cloud their judgment.
But buyers shouldn't beat themselves up for getting emotional. Buying a home is often the biggest purchase a person will make. Homebuyers "need someone in their corner who can counsel them and make sure they are making a smart investment, not an emotionally driven purchase," according to Nest Seekers International.
Buyers should be aware of emotional mistakes many of their peers make. Here are five common errors, with advice on how to avoid making them.
Mistake No. 1: Always looking for a better deal
Every market has its up and downs, but today's market has conditioned homebuyers to make the mistake of thinking there's always a better deal just around the corner. While it's true prices could drop further (and mortgage rates might decline), it's not a good idea for buyers to play the odds now.
Even in the best of markets, we cannot predict what will happen tomorrow. I can't promise you that a bigger, less-expensive home will not come on the market the day after you close on this one. Market fluctuations are always part of real estate transactions.
Be smart, do your homework, know the value of the area and the home you are buying, and be sure it meets your family's needs.
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