The Biggest Mistakes Kansas City Home Buyers Are Making Today

Kansas City home buyers encounter challenges in any market, and today's market is no exception. There's much to consider with higher mortgage rates, increasing prices, and a limited supply of homes for sale. However, one way to avoid getting caught off guard is to rely on a real estate agent for the best possible advice. An expert's insights will help you avoid some of homebuyers' most common mistakes.

Putting Off Pre-Approval
Before you start looking at homes, getting preapproved for a mortgage is essential. Getting preapproved involves a lender assessing your finances to determine how much they will loan you. By doing this first, you'll better understand your borrowing capacity and can focus on the financial aspect of homebuying. 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."

The Just Say Home Team has extensive relationships with Kansas City area mortgage lenders for all situations, including first-time buyers, VA loans, investment properties, and more. Our connections can help you get the pre-approval you need to move forward with a home purchase confidently.

Holding Out for Perfection
It's essential to be realistic about your home search, even if you have a long list of things you want. While you may want a home with everything you're looking for, it's essential to be willing to compromise, especially since there's a low inventory of homes available. The perfect home that meets all your criteria may be too expensive. Investopedia explains that holding out for the perfect home could prolong your homebuying process or result in paying more than you should. Instead, consider looking for a home with most of your must-haves and good potential to add anything else you may need later.

Buying More House Than You Can Afford
With today's high mortgage rates and home prices, it's clear that buying a home can be expensive. It might be tempting to push your finances to the limit to secure the house you want, but it's important to avoid stretching your budget too far. Talk to your agent about how changes in mortgage rates can affect your monthly payments. Bankrate advises: "Focus on what monthly payment you can afford rather than fixating on the maximum loan amount you qualify for. Just because you qualify for a $300,000 loan doesn't mean you can comfortably handle the monthly payments and 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 Real Estate Agent
This last suggestion may be the most important of all. Buying a home involves many necessary steps, such as paperwork, negotiation, etc. Instead of navigating this process alone, working with a professional is a good idea. The right agent can reduce your stress and help the process go smoothly. According to CNET, attempting to buy a home without a real estate agent makes the process more complicated than it needs to be. "A real estate agent can provide professional legal guidance, market expertise, and support, saving 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 be costly in terms of time, frustration, and money. If you're considering purchasing a home in today's market, you need an expert buyer's agent who will have your back to save the most money on your home purchase! The Just Say Home team exists to advocate for buyers in the greater Kansas City area; let's get in touch so that you have a professional by your side to help you avoid these costly and exhausting mistakes!

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