Whats My Massachusetts Home Worth?     Find Out Now
6 Home Buying Mistakes

It amazes me how many home buyers are blindly running around with little or no guidance. This article will discuss 6 Home Buying Mistakes.

I have been doing real estate full time for 13 years.  It took me 5 years before I really felt comfortable with what I was doing.  I spend 50+ hours a week immersed in the business of real estate and have been involved in hundreds and hundreds of real estate transactions.  Let me tell you as a home buyer you don’t know what you don’t know! and that is what will make your purchase less than ideal.

That’s why a good buyer’s agent can worth their weight in gold.

6 Home Buyer Mistakes

Going directly to the listing agent to save money-  Thinking you are saving money by going directly to the listing agent.  Guess what… your just giving the listing agent a great pay day.  I charge the same commission irregardless of whether I sell my own listing or not.  So by coming directly to me you have given me a great pay day.  I don’t have to split the commission with another agent.  On top of it you are unrepresented and you are taking on a lot of liability yourself.  Understanding your “legal” relationship with an agent is very important.  When you go directly to a listing agent they work for the seller and owe them fiduciary responsibility.  They cannot counsel or guide you in any way that disadvantages their seller.

Not understanding the current market conditions-  Most home buyers perception of current real estate conditions are 6 months to a year behind current conditions.  What I find is home buyers are believing current conditions are far behind what they are today.  In a turning market 6 months to a year can be huge.  Understanding current market conditions will dictate how you look for properties and negotiate on properties.   Try low balling offers in a market that has heated up and your going to be writing a lot of offers with no results.

Thinking short term- As a buyer’s agent I encourage buyers to think for the intermediate and long term.  Do not make a purchase based on your immediate needs alone.  Unlike renting where it is relatively easy to change your living situation there is a cost to selling your home.  You have real estate commissions and selling costs.  For many first time buyers and even move up buyers, they are putting relatively low money down on a home and it is not so easy to sell if you discover that you have not taken all considerations in buying a home.

Not understanding where you reality lies- Over the years I have run into many home buyers who are totally frustrated with their home search.  They have an idea and they stick to it even though its not working.  What do I mean?  Many time a home buyer will be looking in a price range in a community that is non existent or mostly no existent.  When meeting with a home buyer the first time we look at past history of what has sold to give them an idea of what is the likeliness of finding what they are looking for. 

Failure to do due diligence–  Home buyers are willing to just take the word of a listing agent or seller about certain conditions of the home.  When I work as a buyer’s agent with a home buyer, I tell them to trust no one and if something is important to them to do their own due diligence.   I am not even saying that sellers lie, I am just saying that sellers think they know something when they do not. For example many sellers selling their home with an in-law apartment will say it is legal when in many cases when I go to the town to verify it is not legal and we cannot even make it a legal in-law apartment.  If you are relying on a piece of information that is important to your buying decision, verify the information yourself.  it will eliminate many future headaches and disappointments.

Not understanding the fair market value of a home-  In general a home is worth what it is worth regardless of your situation as a buyer.  If a house is listed fairly at $350,000 it isn’t worth $300,000  just because you can’t get financed for more or you have to build a garage because you really want a garage.  Determining the fair market value of a home will determine how you negotiate for a property.  I recently had a buyer tell me a house he wanted to purchase was only worth $300,000 on a $350,000 list price.  He wanted the house and he could afford it.  I told him it was worth every penny based on my research and would probably go 10-20k over asking.  My customer insisted it was only worth 300k and tendered an offer for such.  He didn’t get the property and it went well over asking with over 12 offers on the property.  I asked him afterwards why he thought the property was only worth 300k.  He said that is what the tax assessment was.  I then explained to him that tax assessment had nothing to do with the value of a home based on selling in an open market.

Not knowing how to negotiate-  There are many facets that successfully go into negotiating a real estate deal.  In today’s real estate market the tables have turned and the sellers are in control.  The last few houses I have listed every home had multiple offers and all but two went over asking.  When negotiating it is important to understand  the true fair market value of a house as well as what is trending in market conditions, combined with your desirability of a house.   Blindly low balling an offer will lead to a lot of heart ache and wasted time and effort.  A buyers agent can help you craft a negotiating plan that will increase your odds of having your offer accepted.

These are just 6 home buyer mistakes.  of course their are many more to be made.  The great part is you can have help…. lots of it, by working with a seasoned buyer’s agent.  A buyers agents is a counselor and an advocate.  Think of a buyer’s agent as a home buying consultant, not a sales person.


This article, You Don’t Know What you Don’t Know!, was written by kevin Vitali of EXIT Group One Real Estate.  I have been practicing real estate for 13 years and hve the experience of hundreds and hundreds of closings under my belt.  if you would like to maximize your next home purchase give me a call at 978-360-0422.



Tags: , , ,


What does Adobe Photoshop have to do with Real Estate?

As a photographer turned turned real estate agent,  I have learned over the years that great real estate photography sells homes.  If you don’t think so read this article about real estate photography with some great statistics and home buyer patterns.   The study goes to show you have about 20 seconds to capture a home buyers attention on the internet.  If you don’t you have lost them. Adobe Photoshop and Real Estate Photography So what […]

Read the full article →

10 Algonquin Avenue, Andover MA 01810 for Sale- MLS#71849388

Thumbnail image for 10 Algonquin Avenue, Andover MA 01810 for Sale- MLS#71849388

10 Algonquin Avenue, Andover MA 01810 Status:  Active Price: $600,000 Living Area: 3174 sq feet Lot Size: .85 acres Baths: 2 full  2 half Beds: 4 Taxes: $11,265 10 Algonquin Avenue, Andover MA is located in the desirable Indian Ridge neighborhood.  Indian Ridge continues to be a desirable neighborhood because of its close proximity to schools, the downtown and routes 93 and 495.   Indian Ridge is a group of streets around the Indian Ridge Golf […]

Read the full article →

For Sale- 91 Foster Road, Tewksbury MA 01876- MLS# 71835470

Thumbnail image for For Sale- 91 Foster Road, Tewksbury MA 01876- MLS# 71835470

91 Foster Road, Tewksbury MA 01876 Status- For Sale MLS#-  71835470 Living Area- 2054 Bedrooms- 3 Baths- 3 Full Price- $410,000 Acreage- .83 see full details 91 Foster Road is located in Tewksbury MA (01876), not far from the town center.  The location of 91 Foster puts you at the heart of Tewksbury’s shopping and schools.  It also gives good access to all the major highways in the area.  Directions to 91 Foster Road are […]

Read the full article →

Top 3 Reasons to De-clutter Your Home for Sale

Thumbnail image for Top 3 Reasons to De-clutter Your Home for Sale

The time has come to sell your home.  You always hear de-clutter your home.  You ever wonder why it is so important to de-clutter your home? If there is nothing else you do to prepare your home to sell, de-cluttering is the single most important thing you can do. There are multiple reasons why it is so important to de-clutter your home. 1-  You don’t want home buyers to focus on items in your home.  […]

Read the full article →

How important is the square footage of a house?

Thumbnail image for How important is the square footage of a house?

The square footage of a house …  how important is it when you are buying or selling a home.    When it comes to listing homes in the Multiple Listing Service (or MLS), or appraisers using it to determine value there is no way of completely avoiding it. How is Square Footage Determined What we are most concerned with is how an appraiser will determine the square footage of a home.  Because the square footage of […]

Read the full article →

You want my help, but you already have a Buyers Agent?

Thumbnail image for You want my help, but you already have a Buyers Agent?

I got several calls every week from people who want my help, but make it clear they are already working with a real estate agent.  There are two types of help they are looking for.  One they want help finding a home or two they have questions their agent can’t answer or isn’t around to answer. Yesterday, I received one of these calls.  She was begging me to help her find a home but made […]

Read the full article →

10 Ways to Turn Off Home Buyers

Thumbnail image for 10 Ways to Turn Off Home Buyers

Selling your home is difficult enough when everything is perfect.  Here are 10 ways to turn off home buyers that can impact the sale of your home.  Take some time and prepare your home with an unbiased perspective.  A good agent will help walk you through the preparation of your home as well as explain the best way to show and allow home buyers to view your home.  These are just 10 ways to turn […]

Read the full article →

Searching for a Home to Buy, Where Fantasy Begins and Reality Ends

Thumbnail image for Searching for a Home to Buy, Where Fantasy Begins and Reality Ends

I just got off a phone with a potential buyer who was searching for a home to buy.  Their “needs” list in a new home was quite unrealistic.  I asked her how long she has been searching for a home to buy…. her answer was two years!!   She was very frustrated and was blaming all these agents that wouldn’t help her in the search to buy a new home. Searching for a home to […]

Read the full article →

Selling a Multi Family Home

Thumbnail image for Selling a Multi Family Home

Whether you have a two family or a four family home, selling a multi family home has it’s challenges.  To have a successful sale it is imperative you have the co-operation of your tenants.  With out it, it can turn selling a multi family home into a headache!  Many of the steps of selling a multi family home are the same as any other home there are a few extra steps that should be addressed. […]

Read the full article →
Site by Kevin Vitali