In today’s competitive real estate market, where demand often surpasses the supply of available homes, buying a house can feel like a marathon rather than a sprint. If you’re not fortunate enough to find a budget-friendly home immediately and have your first offer accepted, you may experience buyer’s fatigue. This can lead to frustration-fueled decisions or even giving up on the process altogether. To help you stay on track, here are some common mistakes fatigued homebuyers make and how to avoid them.

Mistake #1: Skipping Pre-Approval

One of the best ways to prevent homebuying fatigue is to set yourself up for success from the beginning by getting pre-approved for a mortgage. The primary benefits of pre-approval are twofold:

1. Competitive Offers: Your offers will be more competitive with the backing of a lending institution, assuring sellers that you’re serious and capable of securing a mortgage.
2. Budget Clarity: You’ll have a clear understanding of your budget, based on the loan amount pre-approved for you.

Skipping the pre-approval process and waiting until you find the “perfect” home to see if you qualify for a loan can result in losing out to buyers who are already preapproved and seen as more reliable.

Need to get started with a pre-approval? You can use our easy online pre-approval application or give us a call to speak with a Loan Officer at 888-616-9885.

TIP: After getting preapproved, use our home affordability calculators to determine how much house you can afford based on factors like down payment and monthly mortgage payments. Set a realistic range for your purchase price, including a target price and an absolute maximum, to save time and avoid looking at homes beyond your budget.

Mistake #2: Comparing Homebuying to Renting

As a first-time homebuyer, you’ve likely had experience with renting. However, the process of purchasing a home is significantly different from renting, involving much more time, paperwork, and strategic planning.

A study from money.com in 2021 revealed that the average first-time homebuyer toured 15 properties, with one-third touring over 20 homes. Additionally, 98% of respondents did not have their first offer accepted, often facing multiple rejections before finally succeeding. Unlike renting, where you might relocate every few years, homeowners typically stay in their homes for an average of 12 years.

TIP: Increase your chances of winning an offer by getting creative with partial contingencies, buydowns, flexible closing dates, and more. Contact a Greenway Loan Officer to learn more.

Mistake #3: Relying Solely on Public Listing Sites

Relying solely on public listing websites like Zillow and Realtor.com can put you at a disadvantage. Real estate agents have access to a database that shows homes before they’re publicly listed, providing more details and the date the house will officially go on the market.

If you coordinate with your realtor, you might be able to schedule a showing before the home is listed on Zillow.

Mistake #4: Navigating the Market Without Expert Guidance

Working with a real estate agent offers numerous benefits beyond early access to listings. A knowledgeable agent can help you craft a competitive offer, understand the neighborhood, decide whether to waive contingencies, and navigate other tough decisions. Having professional guidance can make a significant difference in securing your first home.

Need a local real estate agent? We have connections—give us a call and we’ll put you in touch. 888-616-9885

Bottom Line:

Navigating the homebuying process can be daunting, especially for first-time buyers. By avoiding these common mistakes—getting preapproved, treating the process with the gravity it deserves, leveraging professional tools, and working with a real estate agent—you can minimize fatigue and increase your chances of success. Stay informed, be prepared, and remain patient to make your dream of homeownership a reality.