real estate

Homebuyer mistake: Chasing a better deal

5 emotional mistakes made by homebuyers
Always looking for a better deal

Mistake No. 1: Always looking for a better deal

Every market has its up and downs, but today's market has conditioned homebuyers to make the mistake of thinking there's always a better deal just around the corner. While it's true prices could drop further (and mortgage rates might decline), it's not a good idea for buyers to play the odds now, says Eileen Meehan, an associate with Re/Max Properties in Saddle River, N.J.

"Even in the best of markets, we cannot predict what will happen tomorrow. I can't promise you that a bigger, less-expensive home will not come on the market the day after you close on this one," says Meehan. "Market fluctuations are always part of real estate transactions."

"Be smart, do your homework, know the value of the area and the home you are buying, and be sure it meets your family's needs," Meehan says.





Show Bankrate's community sharing policy
          Connect with us

Timely market news and advice for consumers ready to buy, sell or invest in real estate. Delivered weekly.


David McMillin

CFPB slaps Flagstar Bank with $37.5 million fine

Michigan-based Flagstar Bank is paying the price for failing to help homeowners and breaking the Consumer Financial Protection Bureau's new mortgage-servicing rules.  ... Read more

Partner Center

Connect with us