A real estate purchase is a business transaction, so be careful of unrealistic expectations and high emotions.
The first myth that many first time home buyers fall prey to is that “the perfect home is out there.” Buying a home is an exercise in compromise. Do not focus on the things that are wrong in a house, but on how many items on your wish list the home has, and decide what are real deal breakers, and what you can live with.
Don’t get caught up in how the home “feels” to you. Real estate agents are trained, and hire stagers to prepare the home for the best possible response from a buyer, so look at the house with a critical eye and try to imagine your belongings in the home.
Don’t always believe what the listing agent says or that the information on the listing fact sheet is correct, always verify the information for yourself. If the accuracy of the square footage is important to you, bring a tape measure. Compare the number of closets, cabinet, and electrical outlets to those in your current home.
In the recent past, buyers would buy “as much house as they could get.” In todays climate, it is makes much more financial sense to look for a home that is not excessive, but has what you need to live comfortably.
Do not have buyers remorse, if your offer was accepted by the sellers right away, this is not an indication that your offer was too high. If you were comfortable with the offer you made, then you should be happy your offer was accepted. The goal is to make everyone happy with the result.
As we learned from this economic crisis, your home is not necessarily going to go up in value.