5 Mistakes to Avoid When Buying A Home In A Seller's Market
Keeping up with the constantly fluctuating market can be frustrating, but 2017 has been predicted to be a seller's market. Unfortunately, this puts home buyers at a slight disadvantage. However, doing your homework and following these helpful tips and words of caution can help get you into your dream home!
1. Make your best offer
As it is a seller's market, buyers are at the disadvantage. Naturally, when it comes to home buying, we want to get the best possible deal we can. However, offering way lower than the asking price is probably not the best tactic. Coming in with a strong opening offer, on the other hand, can put you at a major advantage.
2. Stop Over-Analyzing the Purchase Price
Waiting to make an offer in a highly competitive market can result in possibly losing your dream home. Do some prep work beforehand such as getting preapproved. Making sure your finances are ready to go can give you more confidence in your offer and will help decrease any hesitation or potential buyer's remorse.
3. Not Being Preapproved for a Loan
Being preapproved, or even prequalified, shows the seller that the buyer is serious about the deal. Additionally, resolving credit issues and having your down payment ready to go can help move things along in this highly competitive market.
4. Be Prepared for a Bidding War
Seller's markets are practically made for bidding wars. In order to avoid losing out on your dream home because of a bidding war, set your search below your max budget to leave room in case of an over-asking bidding war. This way you can be confident going into a bidding war and also won't experience any buyer's remorse.
5. Working with an Inexperienced Agent
Having an experienced agent on your team can greatly increase the chances of getting the home you want. Additionally, buyers generally don’t pay real estate agents; sellers do. If you find yourself competing against other buyers in this fast-paced market, working with a real estate professional can saves tons of time and stress.
If you're considering buying a home this year contact your local, reputable real estate professional to help get you into your dream home!
VIEW NEARBY HOMES FOR SALE