Edward Jarvis | St. James Real Estate, West Babylon Real Estate, Patchogue Real Estate


Ready to buy a home? Ultimately, you'll want to prepare for the homebuying process. By doing so, you can avoid many costly mistakes.

Believe it or not, it is easy to make mistakes as you browse the housing market. Some of the expensive mistakes that homebuyers frequently make include:

1. Overspending on a Residence

No one should be forced to overspend on a home. Unfortunately, if you fail to study the real estate market, you risk paying too much to acquire your dream house.

Remember, an informed homebuyer will be better equipped to optimize the value of his or her real estate investment than others. And if you understand the costs of properties in your area, you can avoid the temptation to overspend.

Explore the real estate market closely and assess the prices of similar houses. By doing so, you can understand the price range of homes that fall within your budget and plan accordingly.

Also, work with an experienced real estate agent. This real estate professional will help you determine how much you can spend on a home and can provide you with details about properties that match your budget.

2. Failure to Get Pre-Approved for a Mortgage

After you find your dream home, you'll need to figure out how to pay for it. And if you struggle to obtain a mortgage before you start your home search, you might miss out on the opportunity to purchase your dream residence.

Meeting with banks and credit unions prior to checking out properties is ideal. This will allow you to obtain a mortgage and search for houses that fit your price range.

Moreover, getting pre-approved for a mortgage may help you stand out in the eyes of a home seller, as he or she won't have to wait for you to secure financing to finalize a purchase agreement.

3. Lack of Realistic Expectations

As a homebuyer, it is important to understand that every house has its pros and cons. But if you fail to establish realistic expectations for the homebuying process, it may be impossible for you to find the right property at the right price.

Separating your homebuying wants from your homebuying needs is vital. If you determine exactly what you'd like to find in your dream home before you explore the real estate market, you can narrow your search and streamline the process of acquiring the perfect residence.

Furthermore, hiring a real estate agent can make a world of difference for homebuyers. Your real estate agent can keep you up to date about new homes as they become available, set up home showings and help you submit offers on residences. This real estate professional also can offer homebuying recommendations, ensuring that you can minimize the risk of homebuying mistakes.

With a real estate agent at your side, you can accelerate the process of going from homebuyer to homeowner. Collaborate with a real estate agent today, and you should have no trouble securing your ideal residence.



69 E Beach Promenade, Lindenhurst, NY 11757  

Residential
$649,990
Price
8
Total Rooms
4
Bedrooms
2
Baths


Whether you’re buying or selling a home, one of the most important parts of the process is the negotiation phase. This means different things whether you’re buying or selling a home. When you’re selling a home, you’re usually looking to get the most money for your home that you possibly can. If you’re buying a home, you want the lowest possible price for the home. Hence, the reason for real estate negotiations. Buyers and sellers must meet somewhere in the middle. For your consideration, we’ll break down some of the most important aspects of the real estate negotiation process. The Cost Means Different Things As we stated above, buyers want the lowest price, while sellers want the highest price possible for a home. Whatever side you’re on, expect to meet somewhere in the middle. The price of the home has to make sense for both sides. The seller wants the sale of their home to make sense financially and the buyer wants to home to fit into their budget while getting the things they desire out of the home. The Financing Process Is Complicated If you have your mortgage fully approved prior to making an offer, you’ll be able to shorten the closing time of the home. The reason for this is that the preapproval shows that all of the buyer’s finances are in order and there will be no financial problems in the transaction. Sellers often prefer these buyers since they can be trusted to close properly and there won’t any issues with the real estate transaction. The property also won’t be on hold for months on end. The Date Of Closing Matters If sellers need to get their home off of the market fast, they can negotiate when the closing date will be. As a buyer, this matters because the next month’s mortgage payment is skipped once you close on a house. The closing date affects when exactly this payment doesn’t need to be made, which can have a positive effect on your finances when it’s timed right. Closing Costs Are Actually Paid Upfront Escrow is when the mortgage company holds the money for taxes and insurance, which is the prepaid closing costs. Buyers sometimes ask sellers to pay a portion of the closing costs. This could be a flat fee or up to 3 percent of the included mortgage. This could all have an effect on the asking price for the home. Just Like A Car, Homes Can Come With Warranties Buyers can ask for a warranty on the home, or the seller can offer one. This warranty typically covers the home’s appliances and utility systems. This provides a protection if things like the air conditioning or the dishwasher break after a certain period of time and need repair. This may make the home extra enticing to buyers and give sellers an advantage to get their home off the market quickly.


This listing recently sold for $368,650.

199 W 8th St, Deer Park, NY 11729  

Residential
$369,990
Price
$368,650
Sale Price
7
Total Rooms
3
Bedrooms
2/1
Full/Half Baths
.