it’s likely a buyers’ market; if homes sell above listing price, it’s likely a seller’s market. Th is information is useful when making o ff ers, allowing you to calibrate your proposal to better suit the market and — if you’re lucky — your budget. Mistake #5: Not Being Represented by a Buyer’s Agent Plenty of buyers don’t engage the services of a qua lifi ed real estate agent, which can end up being a big and costly mistake. Sure, you can go ahead and start browsing online without an agent, for curiosity’s sake and to get the ball rolling, but once you are considering seriously looking at a house, please hire a professional buyer’s agent. Don’t make the mistake of relying on the listing agent to represent you, and never walk in to an open house without your own agent, as you could look vulnerable, make you an easy target, and the listing agent could really take advantage of you. Th e seller’s agent has the seller’s interests in mind, whereas a buyer’s agent will be paid from a commission that’s split with the seller’s agent. Overall, it’s just too risky to try on your own to negotiate the home’s sale prices and conditions without your own professional representation. COMMON MISTAKES OF FIRST-TIME BUYERS: Please keep in mind that the following list of mistakes can be — and are — made by all buyers, but they are more commonly made amon g fir st-time home buyers.
• Not getting a pre-approved home loan • Not conducting a home inspection • Compromising on your needs 61
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