Here are three common mistakes homebuyers should avoid at all costs.
In a competitive seller’s market like this, buyers are apt to make a critical mistake when searching for the right home. Here are three crucial mistakes that buyers are making in this multiple-offer market and how you can avoid them:
1. Buyers are falling in love with homes they can’t afford. With bidding wars commonplace, buyers shouldn’t shop at the top of their qualifying price range. In this kind of hectic market, you need to stay in the middle or low end of that price range so you have the flexibility to make a strong offer while staying in your financial comfort zone.
2. Buyers aren’t properly prepared. This is a fast-moving and tense market. Looking at homes on the internet and waiting for the right one to come along isn’t enough. You need to partner with a full-time agent who is out in the trenches every day, networking with other professionals in the industry, and finding homes that aren’t on the market. This emphasizes the importance of getting a pre-approval as well. When a home comes on the market, offers will soon follow, so you need to be ready to make one at a moment’s notice.
3. Buyers aren’t leading with their best foot forward. In a bidding war against other buyers, it’s essential that you make your best offer first so you don’t have regrets and can give a home your best shot
If you have any questions about buying in this market or real estate in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.