Outdated Home Buying Advice To Avoid

To clear up the confusion, familiarize yourself with these commonly offered but no longer relevant bits of housing advice you should probably ignore.

1. “Search in Spring or Summer”

There is a widespread belief that more houses are on the market in spring and summer because nobody wants to move when it’s cold. There may be some truth to the idea that the housing market is more active in warmer months, but that means competition is steeper too, and sellers will set higher prices as a result. You can find a great house at any time of the year, so don’t wait until it’s warm to start looking.

2. “Wait for Housing Prices to Drop”

At face value, this is good advice—if housing prices are high across the board, why not wait until they settle down so you can save? The problem is you don’t know if and when that will happen. If prices continue to rise, the dollar amounts that seem high now could end up being the lowest point of the next year. Besides that, if you’re currently paying rent, waiting could be more expensive in the long run.

3. “Offer 10-15% Less Than the Asking Price”

Some people will tell you to make an offer that’s substantially lower than the asking price to leave yourself room to negotiate with the seller. In a competitive market, however, few sellers will waste their time with a lowball offer. You may be able to get away with offering a few percentage points less in a buyer’s market, but don’t get ahead of yourself—let your real estate agent guide you toward a successful offer.

The best home buying advice comes from professionals. Speak to your agent and your loan officer to get the most helpful tips for every step of your search.