Not Becoming Familiar With the Market For     Homes in the Area Being Considered

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It is vital that you know the market.  You must develop a gut feel for value. 

How do you do that? 

See lots of homes for sale.  Don’t buy the first home you see, although sometimes it ends up being the best of the bunch.  The only way to be sure about the home you decide to purchase is to get out and see other homes similar to it.  Also, only by seeing lots of homes will you know what to offer for the home you decide to buy.

Open houses are a great way to get a feel for what is available.  If your price range is up to $350,000, still go through homes up to $375,000.  Sometimes you might come across a home that compares to some you saw priced at $375,000 but they are asking only $345,000.  It could very well mean that there is a very motivated seller who has priced their home to sell.

A word of caution: The agent (or seller) who is holding the open house has a goal in mind.  They want to find a buyer who falls in love with the home. They may ask you personal questions designed to help them “sell” you this particular home. 

• DON’T give them personal information that could be used against you. 
• Don’t let them know how interested you are in the home.
• Don’t let them know How much of a mortgage you qualify for.
• Don’t let them know The price range of homes you are considering
• Don’t let them know Where you work, or how much you make. 

To do so is like playing poker with a mirror behind you such that others can clearly see your cards. Keep your cards close to your vest.

Next; Not looking at or Considering “All” Homes Available That Meet Your Requirements