Forbes had an interesting article recently on the subject of the most important advice a home buyer should expect, but often does not hear, from their real estate agent. That's a tough one as there are many twists and turns in the "smooth transaction" road to closing, and bad advice on any number of topics can send you, and your home buying venture, right into the ditch.
According to Forbes:
“What can you afford?” has replaced “What do you actually need?” as the starting point for most home buyers. This rationale has gotten us into deep over-housing problems, on both a macro and micro-economic level.
For that reason, I want to offer you the most important piece of home buying advice you’ll never hear from someone else:
Buy only the home you need, not the house you can afford."
I don't know that I agree with Forbes that this is THE most important piece of advice, but in the current economic environment it is certainly right up there as being one of the most important. We, as Ocean City Maryland Area Buyer's Agents, are always watchful of this issue. We find ourselves often reminding our buyer-clients to "stay the course" in their careful search for the best value in their price range. Of course, we understand that many of our buyers are on the quest for their lifetime "dream home" or condominium following retirement or life re-alignment.
Patience and perseverance does pay off however, and getting swept up in the moment or worse yet, a costly bidding war can often take an otherwise disciplined home buyer in the wrong direction outside of their financial comfort zone.