Are You Ready to Buy a Home—or Just Window Shopping?
Are You Ready to Buy a Home—or Just Window Shopping?
By Margaret Heidenry | Jan 19, 2016
real-estate-window-shopping
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Congratulations, you’re officially obsessed with real estate—swerving toward every open house sign and poring over glorious property pictures online again and again. But how serious are you about actually coughing up a down payment and buying a home? Since it’s sometimes hard to sort out your true feelings, allow your pals at realtor.com® to help you figure that out.
Odds are you’re just window shopping if you fit any of these red flags:
Red flag No. 1: You stick to open houses
Open houses are low-commitment ways to ogle beautiful homes—without the pressure to actually make an offer or even move in the direction of one. But how much is too much? If you find yourself addicted to these group showings with no desire to move toward one-on-one appointments, you could just be a looky-loo, reluctant to commit to homeownership, says Ari Harkov, principal of the Harkov Lewis Team of Manhattan’s Halstead Property. Would-be buyer, know thyself!
Good sign No. 2: You bring friends or family along
“Typically, a married person looking without their spouse is just window shopping,” says Steve Richman, national spokesperson for Genworth Mortgage Insurance. But showing the home to your significant other, another family member, or trusted friend indicates you envision your life in the property and want a second opinion from someone you trust—or, even more important, someone else who will be living there.
Red flag No. 3: You’ve seen a house more than twice
“One showing is good; a second showing is great,” says Samantha DeBianchi, founder and CEO of Florida’s DeBianchi Real Estate. But do you keep going back to a home again and again … and again? (And again?)
“If there isn’t a written offer, it can mean that [the buyers] aren’t very serious. People who are ready aren’t afraid of pulling the trigger.” If you find yourself in this perpetually gun-shy mode, it may be time to realize that you’re not committed to putting down new roots. Yet.
Red flag No. 4: You’re agent-less
Another telltale sign of window shoppers: You’re seeing plenty of potential homes, but never with an agent, says DeBianchi. Fine, you might think you just want to go it alone, but might it just be because you want to wiggle away from any pressure you might feel from an agent to make an offer already? Same is true if you aren’t working to get pre-qualified for a mortgage.
Red flag No. 5: You’ve been looking for a while
DeBianchi can tell how serious potential buyers are by how long they’ve been property hunting. She says there’s a 50% chance you’re a looky-loo if you’ve been “searching for over a month … without any realistic prospects.” And the longer you look, the higher those odds get that home shopping is probably nothing more than a weekend hobby. A fun hobby, but still…
https://www.realtor.com/advice/buy/window-shopping-for-home/