5 Mistakes Emotional Home Buyers Make

Dated: May 30 2013

Views: 12796

5 Mistakes Emotional Home Buyers Make...

Purchasing a home is one of the largest purchases that one will ever make in your life. Buyers need someone in their corner to help them make educated choices based on fact and not emotions. Don't feel beat up because you may be an emotional home buyer, just be aware of and let a your agent guide you. 

There are 5 common mistakes that buyers make in the pursuit of attaining their home, buyers need to make sure that they have an experienced agent that understands their feelings but is strong enough to help them navigate through the process using strategies geared towards the current market. 

Starting from the bottom of the list...

5. "Lowballing"

  • Yes, you may think the property is worth 15,000 less because you do not like wall to wall carpet or the fact that the house is blue and you'd rather have it a natural deep sage color. Lowballing, or offering the sellers to purchase their home at a very unrealistic low will not only make a seller angry but if you really like the home, someone else most likely likes it too and their realistic offer will snag it right out of your hands. So, be smart and understand "style" can always be changed but that perfect house in the perfect location by your job is'nt so easy to replace.

4. Thinking that a "short sale" equals a "deal"

  • It doesn't matter if a home is listed as a short sale or an REO (Real Estate Owned), these homes, like any other home is priced at fair market value. The only difference in these "bargain" marketed homes is that a third party will decide what the home is worth and what they'll accept from a buyer. These homes have investors (Freddie Mae, Fannie Mac, etc) that have a bottom line that needs to be satisfied. Buyers need to know that a short sale or bank owned property, although the servicers and investors are trying everyday to make the process easier can be a very timely transaction. 

3. Over-paying for perfection

  • Buyers, when they find that "perfect" home, based on emotion they'll offer much more for the property and risk over extending themselves which is never a good thing. Make sure that you have an agent in your corner that can help you navigate and come up with a good strategy that won't put you in a bind in the future (even thinking about when you want to re-sell that home). 

2. Falling in love at first site

  • Buyers, make sure that you see many homes and don't just fall in love with the first one you see. Regret and wonder is a potential hazard with this emotial based choice! It is so important to know the market (that is where your agent comes in) and you know what is on the market. Typically buyers that have toured many properties have a higher satisfaction with the home that they wind up purchasing. 

And, the number 1 emotional home buyers mistake is...

1. Always looking for the "better" deal

  • Ladies and gentleman, realistically you'll not find the "perfect" home, inevitably there will be something that you aren't super happy with in every property that you visit, it is so important to sit down and write down your negotiables and non negotiables when starting your home search. When you find the home that satisfies your non negotiables and even a few non's, you've got yourself a contender! 

At the end of the day, having an experienced Broker/Real Estate Agent assisting you in the home buying process from start to finish can minimize the odds of you, the buyer falling into the emotional home buyers trap.

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