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.