Buying a home is a significant milestone, but it's crucial to approach it with caution and foresight. Barbara Corcoran, renowned real estate expert and one of GOBankingRates’ Money’s Most Influential Women, highlights a common yet critical mistake many homebuyers make in their purchasing journey.

Timing Is Key: Corcoran's Insight

According to Corcoran, the biggest misstep people make when buying a house is failing to assess the property at various times of the day. She emphasizes the importance of returning to the property during different periods to get a comprehensive understanding of its surroundings. "It’s the only way to catch the loud garbage truck that idles outside at 6 a.m., the party house across the street, or the dog next door who barks all afternoon," Corcoran advises. "Always go back for another look."

This simple yet often overlooked step can uncover potential nuisances or deal-breakers that may not be apparent during a single visit. By revisiting the property at different times, homebuyers can make more informed decisions and avoid unpleasant surprises after moving in.

Additional Insights from Corcoran

Corcoran has shared other invaluable pieces of advice for prospective homebuyers. She stresses the importance of long-term commitment when purchasing a home. According to Corcoran, it's financially prudent to buy a house only if you plan to stay put for more than two years. This allows you to reap the benefits of appreciation and offset closing costs effectively.

Furthermore, Corcoran underscores the significance of affordability in the homebuying process. She emphasizes that the ability to afford the mortgage payment is paramount. If the monthly cost is within your budget, you're making a sound investment decision. However, if the mortgage payment exceeds your financial means, it's advisable to hold off on buying until you're better positioned to afford it.

Corcoran's Insights in Practice

Corcoran's wisdom offers valuable guidance to homebuyers navigating the complex real estate market. By heeding her advice and thoroughly assessing properties at different times, buyers can make informed choices that align with their lifestyle and financial goals.

Ultimately, Corcoran's overarching message underscores the importance of diligence, foresight, and financial prudence in the homebuying journey. By avoiding common pitfalls and embracing strategic decision-making, homebuyers can embark on a path to homeownership that's both fulfilling and financially savvy.