As you probably know, this market has been insanely busy lately. It is a seller’s market, so if you’re a buyer, you need to be aware of the kinds of mistakes that other buyers have made so that you can avoid them and have the best chance of purchasing the home you want. Here are a few of the mistakes you should watch out for:
1. Thinking that you’ll gain an advantage by going directly to the listing broker. Remember that the listing broker represents the seller, not you. You will be far better served by having your own dedicated real estate broker representing your best interests and negotiating on your behalf. If you think that you’ll save money by dealing with the seller’s broker directly, you’d be wrong. Typically, sellers pay a buyer’s commission.
2. Overestimating your finances. In terms of finances, the mortgage is only one aspect; you also need to consider the tax base of the area you’re buying in, which can skew your ability to purchase the home. You also need a pre-approval in this market if you want to successfully buy a property.
3. Dismissing properties offhand. Don’t forget your vision! For example, we had one property that needed a lot of work done, but the buyers had a vision for what they wanted to do with it. They estimated the costs and ended up getting the house for a great price. Ultimately, if you see a property that needs some work, form a vision of what it would look like to take care of it and create a plan with your agent to get it done. Don’t just dismiss a property because it has a few features you don’t like.
Homebuyers in the market: Hang in there. Things will turn around eventually, but in the meantime, you’ll have better success of finding your dream home if you take these tips into account.
If you have any questions about today’s topic, don’t hesitate to reach out to the R & L Home Team, we’d love to help you.