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What Not to Do When Buying a Home in Delaware in 2020

Thursday, November 5, 2020   /   by Alex O'Brien

What Not to Do When Buying a Home in Delaware in 2020

house.jpegBuying a home in the Delaware area can be an overwhelming decision, especially if it's your first time navigating the real estate market and in 2020, no less.

And since this is likely the largest purchase you will ever make, it's important that you try to avoid the common mistakes that homebuyers have encountered before you. That's where our team comes in! We have included a list below of five things not to do when buying a home in Delaware, so you can enjoy a smooth process and settle into your new home with no worries!

Don't shop without an agent
Navigating the real estate market can be tricky, so why go it alone? Let the Kat Geralis Home Team be your guide to homes for sale in Delaware and beyond! You will want an agent who has your best interests in mind, who knows the in's and out's of the market, and has the knowledge of the industry to find you your dream home, at the best possible price, in the most efficient amount of time. Buying a home can be a full-time job in itself if you consider all of the parties involved in the transaction, so it never hurts to leave it to the pros!

Don't ignore your budget
One of the worst things you can do when shopping for homes in Delaware is ignoring your budget and looking at homes you cannot afford. Not only does this waste your time and your agent's time, but it gives you unrealistic expectations. First you'll need to get pre-approved with a lender, then move on to your home search when you know exactly how much home you can afford. When you know what your budget is, stick to it! You won't be disappointed down the road.

Don't meet with just one lender
In order to get pre-approved for a home loan, you'll need to meet with a lender. You will provide documentation such as tax returns, income statements, and proof of funds for your downpayment before you go move forward with the buying process. While it may seem like a lot of work on your end to provide the necessary paperwork, in this case, it pays to meet with more than one lender. Gather at least three different quotes from lenders before you decide on the best loan for you.

Don't ignore closing costs
Did you know that the majority of homebuyers today aren't aware of closing costs? Now is the time to research how much you may owe at closing, which could be anywhere from one to seven percent of the purchase price of the home. You'll want to be aware of these additional costs or you could risk being blindsided before you can get your keys.

Don't make unreasonable lowball offers
Every Delaware area homebuyer wants to get a great deal on a property, but that does not mean you should make the lowest offer possible. Not only will your offer likely be outbid by someone else, but the buyer may not even counter yours back. According to real estate industry resource Inman, the third largest mistake people make when buying a home is offering too little for a property.

Give the Kat Geralis Home Team a call today for a list of available homes in Delaware! We're here to walk you through the home buying process in 2020! It's not as overwhelming as it may seem!

We look forward to hearing from you!

Katina Geralis
DE and PA Real Estate Expert
eXp Realty

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eXp Realty - Kat Geralis Home Team
Kat Geralis
3411 Silverside Road Suite 104
Wilmington, DE 19810

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