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Buying Tips

The Biggest Mistakes Buyers Are Making Today

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Buyers face challenges in any market – and today’s is no different. With higher mortgage rates and rising prices, plus the limited supply of homes for sale, there’s a lot to consider.

But, there’s one way to avoid getting tripped up – and that’s leaning on a real estate agent for the best possible advice. An expert’s insights will help you avoid some of the most common mistakes homebuyers are making right now.

Putting Off Pre-approval

As part of the homebuying process, a lender will look at your finances to figure out what they’re willing to loan you for your mortgage. This gives you a good idea of what you can borrow so you can really wrap your head around the financial side of things before you start looking at homes. While house hunting can be a lot more fun than talking about finances, you don’t want to do this out of order. Make sure you get your pre-approval first. As CNET explains:

“If you wait to get preapproved until the last minute, you might be scrambling to contact a lender and miss the opportunity to put a bid on a home.”

Holding Out for Perfection

While you may have a long list of must-haves and nice-to-haves, you need to be realistic about your home search. Even though your ideal state is you find a home that checks every box, you may need to be willing to compromise – especially since inventory is still low. Plus, a home that has everything you want may be too pricey. As Investopedia puts it:

When you expect to find the perfect home, you could prolong the homebuying process by holding out for something better. Or you could end up paying more for a home just because it meets all your needs.”

Instead, look for something that has most of your must-haves and good bones where you can add anything else you may need down the line.

Buying More House Than You Can Afford

With today’s mortgage rates and home prices, there’s no arguing it’s expensive to buy a home. And while it may be tempting to stretch your finances a bit further than you’re comfortable with to make sure you get the house, you want to avoid overextending your budget. Make sure you talk to your agent about how changing mortgage rates impact your monthly payment. Bankrate offers this advice:

“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. Every borrower’s case is different, so factor in your whole financial profile when determining how much house you can afford.”

Not Working with a Local Real Estate Agent

This last one may be the most important of all. Buying a home is a process that involves a lot of steps, paperwork, negotiation, and more. Rather than take all of this on yourself, it’s a good idea to have a pro working with you. The right agent will reduce your stress and help the process go smoothly. As CNET explains:

Attempting to buy a home without a real estate agent makes the process more arduous than it needs to be. A real estate agent can give you professional legal guidance, market expertise and support, which will save you time, money and stress. They can also increase your chances of finding the right home so you don’t have to spend hours scouring the internet for listings.”  

Bottom Line

Mistakes can cost you time, frustration, and money. If you want to buy a home in today’s market, connect with a local real estate agent so you have a pro on your side who can help you avoid these missteps.

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Buying Tips

Things To Avoid After You Apply for a Mortgage

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a close-up of a bank

Some Highlights

  • Once a lender has reviewed your finances as part of the homebuying process, you want to be as consistent as possible. Don’t make any big changes that could affect your mortgage application.
  • Here are a few tips. Don’t change bank accounts or apply for new credit. And this one may surprise you, don’t buy appliances or furniture for your next home yet either.
  • The best tip of all? Before you do anything financial in nature, talk to your lender first.

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Agent Value

Buyers Have More Negotiation Power – Here’s How To Use It

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You may have heard there are more homes for sale right now. And while that’ll vary depending on the market, it means that overall, things are starting to lean in a more balanced direction. As that happens, some sellers are a bit more open to compromise. Here’s what that means for you.

You may be regaining some negotiating power. That can translate into savings, perks, or even better terms on your purchase – if you know what levers to pull during negotiation.

Why an Agent Is an Essential Part of the Negotiation Process

The complicated part is knowing what is and isn’t on the table. That’s where your agent comes in. According to the National Association of Realtors (NAR), besides finding the right home, the top thing buyers want from their agent is help negotiating the terms of the sale, followed by negotiating the price.

Here’s why. Agents are skilled negotiators and are trained for moments like this. Since your agent is an expert on the local market, they’ll also know what’s working for other buyers (and what’s not), and that can help you get a better understanding of what’s realistic to ask for.

What’s on the Negotiation Table?

Here are some of the most common concessions an agent can help you negotiate:

  • Sale Price: The most obvious concession is the price of the home. And that lever is being pulled more often today. Buyers don’t want to overpay when affordability is already so tight. And sellers who aren’t realistic about their asking price may have to consider adjusting their price.
  • Closing Costs: Closing costs are usually about 2-5% of a home’s purchase price and include fees for things like the appraisal, title insurance, and underwriting of your loan. To offset the cash you have to bring to the table, you can ask the seller to pay for some or all of these expenses. This was the most common concession sellers made in 2024, according to NAR.
  • Home Warranties: If you’re worried about the maintenance costs that may pop up after you get the keys, you can ask the seller to pay for a home warranty. Since this concession usually isn’t terribly expensive for the seller, it can be a good negotiation tool for a buyer. It’s not a big cost for them, but it can be a big perk for you.
  • Home Repairs: Based on the inspection, you’re within your rights to ask the seller to make repairs. If the seller doesn’t want to, they could offer to drop the home price or cover some closing costs, so you have more room in your budget to take care of the repairs yourself.
  • Fixtures: Want that washer and dryer to stay? Maybe the stainless-steel fridge, too? In many cases, you can ask for appliances or even furniture to be included in the deal, which will save you money when you move in.
  • Closing Date: The closing date is also negotiable. Based on your timeline, you may also request a faster or extended closing window. Depending on the seller’s needs, this could be great for their situation, too.

Of course, negotiating is a complex process. And not every seller will be willing to offer concessions. Again, lean on your agent for expert advice about what’s realistic to ask for and what could turn sellers off.

Because once you’ve found a home you love, you don’t want to risk losing it. But you also want to get the best terms possible on your purchase – and that’s where an agent can make all the difference.

Bottom Line

As inventory grows, buyers are finding they have a bit more leverage. And having the right agent by your side – who can help you approach negotiations strategically – is key.

What’s your biggest concern when it comes to negotiating with a seller?

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Buying Tips

Why Pre-Approval Is More Important Than Ever This Spring

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Spring is here, and so is the busiest season in real estate. More buyers are out looking for homes, which means more competition for you. If you want to put yourself in the best position to buy, there’s one step you can’t afford to skip, and that’s getting pre-approved for a mortgage.

Some buyers think they can wait until they’ve found a home they love before talking to a lender. But in a season where homes can sell fast, that’s a risky move. Getting pre-approved before you start your search is a much better bet.

Here’s what you need to know about this early step in the buying process.

What Is Pre-Approval?

Pre-approval gives you a sense of how much a lender is willing to let you borrow for your home loan. To determine that number, a lender starts by looking at your financial history. Here are some of the things that can have an impact, according to Yahoo Finance:

  • Your debt-to-income (DTI) ratio: This is how much money you owe divided by how much money you make. Usually, you can borrow more if you have a lower DTI.
  • Your income and employment status: They’re looking to verify you have a steady income coming in – that way they feel confident in your ability to repay the loan.
  • Your credit score: If your score is higher, you may qualify to borrow more.
  • Your payment history: Do you consistently pay your bills on time? Lenders want to know you’re not a risky borrower.

After their review, you’ll get a pre-approval letter showing what you can borrow. Having this peace of mind is a big deal – it helps you feel a lot more confident in your ability to get a home loan. And the fringe benefit is it can also speed up the road to closing day because the lender will already have a lot of your information.

It Helps You Figure Out Your Budget

Spring is a competitive season, and emotions can run high if you find yourself up against other buyers. Having a firm budget in mind is so important. You don’t want to get too attached and end up maxing out what you can borrow. As Freddie Mac explains:

“​Keep in mind that the loan amount in the pre-approval letter is the lender’s maximum offer. Ultimately, you should only borrow an amount you are comfortable repaying.”

So, use this time to really buckle down on your numbers. And be sure to factor in other homeownership costs – like property taxes, insurance, and maybe even homeowner’s association fees – so you know what you can comfortably afford.

Then, partner with your agent to tailor your search to homes that match your budget. That way, you don’t fall in love with a house that’s out of your financial comfort zone.

It Helps Your Offer Stand Out During the Busy Season

Spring buyers aren’t just competing for homes. They’re competing for the seller’s attention, too. And a pre-approval letter can help you stand out by showing sellers you’ve already gone through a financial check. Zillow explains it like this:

“Having a pre-approval letter handy while you’re shopping for a home can also help you act quickly once you’ve found a home you love. The letter shows potential sellers that you’re a serious buyer who has the financial means to close on the home. In a competitive market, an offer with a pre-approval letter attached will stand out among other offers that don’t include one — increasing the chances of your offer being accepted.”

That means when sellers are choosing among multiple offers, yours could rise to the top simply because you’ve already taken this step.

And here’s one final tip for you. After you receive your letter, avoid switching jobs, applying for new credit cards or other loans, co-signing for loans, or moving money in or out of your savings. That’s because any changes to your finances can affect your pre-approval status. 

Bottom Line

If you’re thinking about buying a home this spring, getting pre-approved should be your first move. It’ll help you understand your budget, show sellers you’re serious, and keep you from falling in love with a house that’s out of reach. Talk to a lender to get started.

What’s your plan to stand out in this competitive market? Connect with an agent to make sure you’re fully ready to buy.

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Copyright © 2020-2025 Landshark Mark, LLC. All rights reserved.  
The information contained, and the opinions expressed, in these article are not intended to be construed as investment advice. Let's Talk Real Estate, Mark Sincavage, Landshark Mark, LLC and Keeping Current Matters, Inc. do not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Let's Talk Real Estate, Mark Sincavage and Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.