So, You’re in the Market for a Homes?

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It’s hard to believe that we’re done with the first quarter of 2026. Wasn’t it just New Years? We’ve also passed the Spring Equinox, so, in theory, we’re in Spring, and with it the traditional “spring buying season.” It is a good idea to discuss some of the common pitfalls for your clients to watch out for when buying a home. Conversely, we’re seeing an upswing in clients buying homes in some areas… Are there things we hear real estate agents tell their clients?
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Orion’s brokers know that the first thing to watch out for is house shopping before obtaining a solid mortgage approval: low housing inventory in many markets means that clients will be competing with multiple offers. Having a mortgage approval before one starts house shopping allows the client to make a stronger offer when they find a home. And this places a client in a much better negotiating position, and it could possibly save the deal.
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Home Buying Costs Explained: Insurance Challenges & What It Takes to Break Even

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In the last year or two our brokers have seen homeowner’s insurance become a major consideration. Has the buyer consulted an insurance agent about the property? In many areas increases in insurance costs have far surpassed any interest rate moves, if insurance can be placed at all. Talking to an insurance agent has become a very good initial step.

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The cost of selling a house (roughly 8 percent) must be considered. When an owner sells their house in the future, they will most likely need to sell the house for at least 8-10 percent more than what they paid for it just to break even and cover the real estate commissions and transfer taxes on the sale. If a house goes up in value by the long-term average of 3 percent per year, the new owner will likely break even in 2-3 years. (The heady appreciation days of 2020-2021 are in the rear-view mirror.)

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What Smart Buyers Know: Budgeting Beyond the Purchase Price

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Experienced brokers remind clients to consider the costs of improvements, utilities, and maintenance. Has the client considered the costs of improvements, utilities, and ongoing maintenance expenses? Clients are told to have their home properly inspected before the closing. Investigate the cost of utilities, and make sure to budget for them, and to budget 1-2 percent of the home's value for annual maintenance expenses.
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Choosing the wrong down payment strategy is something our brokers work to avoid. A study was conducted by the Federal Reserve showing that a home buyer's down payment strategy is eight times more impactful on housing affordability than the mortgage interest rate.

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And Orion’s brokers tell clients that the right mortgage professional can help them consider things that they may otherwise overlook during the home buying process. Their client’s mortgage is most likely going to be their single largest debt, and their home is most likely going to be their single largest investment. That’s why it's important to work with a qualified mortgage professional, not with the internet or AI, not only as we move into spring, but at all times!

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