Mistakes New Buyers are making in today's Real Estate Market
Do you want to know the quickest way to lose the home of your dreams? Submit a low-ball offer to the seller. Not only will it be roundly rejected but you might not even get the courtesy of a response. Long gone are the days of sellers being trapped in their homes by payments they can't afford desperately searching for a buyer to rescue them. The latest monthly data shows that sellers are getting almost 97% of the asking price for their home. That means for a home listed for sale at $200,000 a seller will most likely get $194,000 or more for that home.
If you find a house that you want then go get it. Don't waste precious time at the bargaining table which could allow another buyer the opportunity to get their offer in that may be higher than yours. Let your agent show you the most recently sold homes in the area to formulate an appropriate, realistic, and strong offer price.
We've all seen the tear jerking moments on reality TV shows when a home buyer walks in to the home of their dreams that has everything they've ever wanted in a home. Well, I hate to be the one to burst your bubble but that's not reality. The perfect home does not exist. Every home will have pluses and minuses. New and first time home buyers always have their list of "must-haves" in a home. Some of the items on that list could very well be attainable but you will quickly find out that your list of "must-haves" is more a list of dreams and wishes you'll never see come true. You'll either be able to find a home in your desired location but it will need some renovating. Or perhaps you found a nicely upgraded house but it doesn't have that extra home office space you wanted. Maybe you found a move-in ready home within walking distance to work, but it sits right across the street from the local elementary school.
You get my point. You will need to make compromises. If you waste time searching for your perfect home other houses that would have still been a good fit will be snatched up by other buyers while you're on the sidelines. A perfectly good home that could have been in your price range will soon be out of reach if your home search takes too long.
Hiring the right real estate agent to represent you is essential now more than ever before. We keep educated, trained, and up-to-date on all of the laws and contractual requirements pertaining to the purchase of a home. Myself being a real estate agent I see a few adverse trends forming among new and first time home buyers that are keeping them from finding and closing on the right home.
Buying a home for the very first time takes knowledge, strategy, and patience. Very rarely will you find a home that works for you right away. As your agent, I will show you multiple properties, in multiple locations that will work for you. I'll educate you on the amenities of each neighborhood, as well as the surrounding areas so that you can weigh out the positives and negatives of each home. Most importantly I will be your best advocate when it comes to getting you in to a great home for the right price.