There are four HUGE mistakes home buyers often do not know they are making and they all happen near the beginning of the process! In this episode we address:
Thinking you will get a better deal going straight to the Seller's agent, or that they're your friend in this process
This couldn't be further from the truth, you see, Realtors have these things called fiduciary duties when they represent their clients. As Realtors, we owe all fiduciary responsibility to the client we signed an Agency Disclosure with. So, sellers agents are looking out for the sellers best interests because it is their JOB to do so! This translates into more money spent by the buyer for a better bottomline for the seller.
Not seeking expert advice, and representation
Most buyers avoid seeking expert representation because they think that they cannot afford it. The fact of the matter is that you cannot afford NOT to have representation of a high caliber on your side. How educated, and trained your agent is directly affects the kind of deal you are going to get on the home, and the level of service you will receive throughout the process. Remember, 20 years in the business does not equal expert service. The average agent only sells 3-4 houses per year, transactions are where expertise is refined.
Relying on Zillow, and thinking "Zestimates" are accurate
Another huge mistake home buyers make is relying on Zillow. Zillow is an extremely inaccurate platform. It was designed to capture money from Realtors in exchange for attention on listings, and for buyer and seller contacts. As such, anyone with a Zillow profile can list a home for sale. A lot of times Realtors list homes for sale simple to attract buyers or sellers, even though the home is not actually for sale! Plus, "Zestimates" (Zillow's appraisal estimates) are EXTREMELY inaccurate, just track the value of the same address for 30 days and you will see huge differences. The market doesn't act that quickly!
This is a sensitive subject for sure, but being indecisive is one of the biggest mistakes one could make as a home buyer. The fact is homes move on and off the market quickly, and each home is unique in its' own right. So if the first time you go out on showings you find the home that meets all your criteria and you love, don't hesitate purely because you haven't seen all that is available. This is a big decision to make, but if you don't take the plunge in a timely manner someone else will, and you will be left wishing you had.
All of these mistakes could easily cost you thousands, or the home of your dreams. So make sure you are well educated on the common pitfalls, as well as on the process itself.