Wednesday, July 28, 2021 / by Sonya Reiselt
When buying a home, we often think too often with our emotions and not enough with our minds. And, within the current seller’s market, buyers are often having to think about what concessions they’ll have to make in order to find a home, that, oftentimes, will leave them feeling like they’re settling. If you find yourself on the buyer’s side of today’s market, remember to breath, think rationally and remember that you don’t want to feel buyer’s remorse a year from now! So, when you’re looking at houses, remember the following tips to ensure you end up making logical decisions when closing on a home.
Don’t offer too much.
It’s almost a given at this point that a home in good condition has a significant chance to sell for some amount over the asking price. That’s simply the reality of the market that we’re currently in. However, that doesn’t mean you have to go over what you feel comfortable with or what you can afford. If you look at your house as an investment, you’ll want to think twice about just how much you’re willing to offer over the asking or valued price. While experts don’t expect home values to crash after the market levels off, it’s fairly assumed that homes won’t continue to appreciate at the rate that this market has allowed. So, buyers who find themselves putting more toward the home than it’s valued at can assume that they’ll have to spend a significant more amount of time living in it, in order to make money off of it come the time to sell.
Don’t feel as if you have to waive an inspection.
This is becoming more and more common in the current seller’s market. In order to make their offer seem more attractive, buyers are willing to waive any kind of inspection, giving the seller, essentially, all of the power. It can’t be stressed enough how risky of a move this is for any buyer! While the house might seem perfect both on the outside and aesthetically on the inside, you never know what issues could exist with the foundation, roof, plumbing, within the walls, etc. It is crucial that you keep hold of your right to an inspection. Not doing so could cost you tens of thousands of dollars.
It’s important to remember what you want. While it might seem, at times, as if you have to make concessions on the type of home you had originally hoped for, it’s important to remember that it’s out there! It’s completely normal to feel rushed once you begin the process of looking for a new home but, take a deep breath, and remember that most buyers don’t find their home right away. On average, it can take 3 – 6 months for most homeowners to find a new home (in a regular market).
Don’t forgo using a Realtor!
Did you know that in a market like this, many, if not most, houses sell before they officially hit the market? It’s more crucial than ever to make sure you have a realtor that you can trust and who also knows the community, as well as other realtors within it. Chances are, there’s a home perfectly suited for you and your family that can only be seen through word-of-mouth or within the private MLS listings.
At the end of the day, it’s important to stay calm and remember that, with the assistance of your professional real estate agent, you'll get through the process easily leaning on their expertise.