Are you in the market to buy a home? If the answer is yes, it’s important to be mindful of managing your expectations. You don’t want to have unrealistic expectations that will hold you back and result in missing out on that perfect home!
Unrealistic Home Buyer’s Expectations
1. Home Buyers Expect a Perfect Home
Many first-time home buyers have unrealistic expectations when they buy a house, especially one that is not brand new. As a real estate agent, I find that some first-time home buyers back out of buying a perfectly good home due to minor issues that come up during the home inspection.
These can be common issues that crop up in home inspections, such as on-GFCI outlets or the need for a fire-rated door between the house and garage. These issues are minor and shouldn’t be deal breakers, but some first-time home buyers tend to blow them out of proportion and walk away from an otherwise great home.
2. Looking for a Unicorn
Many home buyers have unrealistic expectations for their perfect home. They want everything – a newly renovated house, a large kitchen, a level yard, a master bedroom with walk-in closets, and more – all at a great price.
As a result, they end up turning down really good homes that may not have everything they want- maybe the yard is a little bit on the small side. Finding a perfect house is unrealistic, especially in a seller’s market (which we are in right now) where inventory is tight. Home buyers with unrealistic expectations are looking for a unicorn and turning away really good homes.
3. Timing Everything Right
Many first-time home buyers are trying to time everything perfectly when they buy a house- waiting for interest rates to drop and trying to align the closing of the home with the end of their lease to avoid moving to a temporary rental.
The truth is, it’s really rare for everything to line up perfectly. As a result, home buyers lose good homes because the timing does not work out for them.
4. Expect their Family to Love the Home
As a real estate agent, I often see buyers missing out on great homes because they involve too many people in the decision-making process. They’ll find a home they like and then get opinions from their parents, in-laws, grandparents, siblings, and friends.
Instead of making the decision easier, many opinions complicate it, ultimately causing them to lose out on good homes.
5. Home Buyers Expect a Good Deal
What I also see that can become deal breakers is that home buyers are looking for an extra-low price when buying a house. They become difficult in negotiation because they want to win. Often, they end up losing the deal because they just won’t budge.
It’s unrealistic, especially in a seller’s market. Insisting on a bargain will lead to losing out on multiple homes. I’ve even seen home buyers bid below the asking price during a multiple offer situation because they want to get a good deal!
Unfortunately, if you’re buying in a seller’s market, there is no such thing as getting a good deal. You will be in bidding wars where, in order to win the home, you will have to overpay.
And yes, there will be buyer’s remorse. But that is normal in a seller’s market. The goal is to win the bid rather than get the lowest price. Check out: The 10 Worst Neighborhoods to Buy a House In (You Will Regret It)
Home Buying Checklists Printable
Get your 9 page home buying checklists printable. Stay organized and well-prepared throughout the entire home buying process with these useful checklists.
10 Home Inspection Mistakes Home Buyers Make that They Regret
10 Things Homebuyers Instantly Notice About Your House that Turns them Off
17 Important Questions to Ask Before Buying a House So You Don’t Regret It Later On