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wning a home can be a double-edged sword, offering a dream come true but also a potential nightmare. The current housing market, marked by high interest rates and low inventory, makes it challenging for buyers to navigate and avoid costly mistakes.

    To gain insight into common pitfalls, GOBankingRates spoke with Yawar Charlie, a senior real estate agent and director of Aaron Kirman Group's estates division. Here are five top mistakes buyers make in the 2024 market and how to steer clear of them:

    Overextending Financially

    Buyers often get caught up in the excitement of finding their dream home, only to realize they've stretched their budget too thin. "With interest rates at a 20-year high, it's essential to be realistic about what you can afford," Charlie advises. "Don't risk being house-rich but cash-poor – trust me, no one wants to eat ramen in their dream home."

    Skipping the Preapproval Process

    Showing up to a home viewing without preapproval is like attending a fancy dinner without your wallet – it's unlikely to work out. In this fast-paced market, sellers need to know you're serious about purchasing. "Get your ducks in a row before starting house hunting," Charlie emphasizes. "This isn't amateur hour."

    Underestimating the Importance of Location

    While a home may be perfect, its location can make or break the deal. Consider factors like proximity to amenities, safety, and traffic patterns. "You don't want to spend half your life stuck in traffic just to get to work," Charlie warns.

    Failing To Consider Future Resale Value

    Life is unpredictable, and you might need to sell your home at some point. Think about the resale value of your property before buying. Consider factors like neighborhood growth potential, local schools, and the overall quality of the area. "A little foresight can save you a lot of headaches down the line," Charlie notes.

    Overlooking Home Inspections

    Skipping a home inspection is a rookie mistake that can lead to costly surprises. Hidden issues like mold or faulty wiring can be expensive to fix after moving in. "Do yourself a favor and get a thorough inspection – it's better to spend a little upfront than to be hit with unexpected repair costs later," Charlie advises.