No one wants to stumble during one of the biggest investments of their life—buying a home. Yet, in today’s market, some common mistakes trip up even the most prepared buyers. The good news? With the right guidance, you can sidestep these pitfalls and make your home-buying journey smooth and rewarding.
Here’s a closer look at the missteps many buyers are making right now and how a trusted real estate professional, like Shane Andersen of the Brookings Home Team, can help you avoid them.
1. Trying to Time the Market
Many homebuyers play the waiting game, holding off for lower home prices or mortgage rates. While this might seem like a smart strategy, it’s risky and often backfires. Predicting market trends is notoriously challenging because many factors, like economic shifts or political events, can cause unexpected changes.
As Elijah de la Campa, Senior Economist at Redfin, explains:
“My advice for buyers is don’t try to time the market. There are a lot of swing factors, like the upcoming jobs report and the presidential election, that could cause the housing market to take unexpected twists and turns. If you find a house you love and can afford to buy it, now’s not a bad time.”
In Brookings and the surrounding area, the market is competitive yet stable. Waiting too long might mean missing out on the perfect home. Instead of trying to predict the future, focus on finding a home that fits your needs and budget today.
2. Buying More House Than You Can Afford
It’s easy to fall in love with a home that stretches your budget, but overextending yourself can lead to long-term financial strain. In addition to your mortgage, you’ll need to account for property taxes, insurance, maintenance, and unexpected expenses.
Bankrate advises:
“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.”
An experienced real estate agent can guide you through the financial considerations to ensure your home purchase aligns with your long-term goals.
3. Overlooking Assistance Programs
Buying a home comes with upfront costs like a down payment and closing fees, which can feel overwhelming. But did you know there are programs designed to make homeownership more accessible?
Here’s the surprising part: according to Realtor.com, nearly 80% of first-time buyers qualify for down payment assistance programs—but only 13% take advantage of them.
In South Dakota, programs like first-time homebuyer grants and USDA loans for rural areas can make a significant difference. Partnering with the Brookings Home Team ensures you’re aware of all your options. They’ll connect you with lenders who can guide you through these opportunities, whether you’re purchasing your first home or your next.
4. Not Leaning on the Experts
This is the big one. Buying a home involves many moving parts—financing, market trends, contracts, inspections, and more. Without expert guidance, it’s easy to overlook critical details that could cost you time and money.
A knowledgeable agent brings expertise, local insights, and a network of professionals to ensure everything runs smoothly. For buyers in Brookings, having Shane Andersen and his team by your side means you’re working with pros who know the market and are committed to your success.
What Makes Brookings, SD, a Great Market for Buyers?
Brookings offers the perfect mix of small-town charm and modern amenities, making it a desirable location for homebuyers. From excellent schools and vibrant community events to an array of local dining and recreation options, it’s a place where you can truly feel at home.
Homes in Brookings tend to retain value due to the area’s steady demand and economic stability. By partnering with a local expert like Shane, you’ll gain insight into neighborhood trends and hidden opportunities that make your investment even more worthwhile.
Bottom Line
Buying a home doesn’t have to be overwhelming. By avoiding these common mistakes and leaning on the expertise of a trusted real estate professional, you’ll not only save time and money but also gain confidence throughout the process.
If you’re considering buying a home in Brookings, South Dakota, or the surrounding area, reach out to Shane Andersen and the Brookings Home Team. With their knowledge and personalized approach, they’ll help you navigate the market and make your home-buying experience a success.
Posted by Shane Andersen on
Leave A Comment