The real estate market has been strong for some time now. This means that buyers have access to properties at reasonable prices, and sellers are having a hard time finding buyers for their homes. But there are still ways in which you can make mistakes that could cost you the house of your dreams—or even prevent you from getting one at all.

Here are five common mistakes buyers make in a buyer's market:

Putting in Too Many Offer Contingencies

• Offer contingencies. These conditions, which buyers typically put in their offers to protect their interests, can backfire if the buyer puts too many in. For example, if you ask for a home inspection and allow yourself to walk away from the deal should it come back with issues (like faulty wiring), it doesn't make sense to also ask that they split closing costs with you and pick up your moving expenses.

• Not making your agent work for you. Some buyers feel like they have no choice but to work with a real estate agent because there is so much competition out there—but that's not true! You can choose any agent you want, just like anyone else does when shopping around for services or products.

Underestimating the Costs

Another mistake is underestimating the costs. The purchase price is just one of many costs; you'll also need to consider moving, inspections, insurance, and taxes. After closing, several other expenses can quickly add up—maintenance and repairs on your new home (and any rented property) as well as fees associated with selling your current home.

Finally, don't forget about the cost of renting while waiting to buy. In some cases, it may be smarter for buyers to rent instead of buy during a buyer's market because rents have been so high in recent years that buying makes more sense when rates are low and prices are at their lowest point in decades.

Not Getting Pre-approved

One of the biggest mistakes buyers make is not getting pre-approved before they start looking for a home. Pre-approval shows you how much you can afford—and what kind of mortgage you’ll be able to get.

It also gives you an idea of how much house you may be able to purchase, which is important when negotiating with sellers and agents because it helps show that you are serious about buying their property.

Not Making a Large Enough Down Payment

A down payment is the amount of money you put down on a property and it's generally a good idea to make at least 20% of your home's purchase price as your initial payment.

If you're buying in a buyer’s market, banks are more likely to give you a mortgage for 100% of the price tag, but if there’s an inventory crunch and buyers have their pick of properties, lenders may require more cash upfront from you. If this happens to be the case, it won't necessarily hurt your chances of getting approved for financing. The important thing is that whatever type of down payment you ultimately secure will be determined by what terms are available through various mortgage products offered by lenders in Canada.

A Buyer’s Market Can Be Tricky to Navigate

A buyer's market is a tricky place to navigate. Not only do you need to be careful not to overpay, but the process of buying a home can take longer than usual when it's a buyer's market.

Buyers in this type of housing market have all the power, which means they need to be prepared and do their homework before making an offer on any property they're interested in buying.

Conclusion

The best way to avoid these mistakes is by being prepared and doing your research. Don't rush into anything, because you'll be able to find the right home for you in no time!