It’s no secret that the market is hot, hot, hot right now! While not always ideal, buying in a seller’s market is sometimes unavoidable. Read below to make sure you aren’t making one of these common buyer mistakes!
Coming to the table unprepared
In today’s market, it is not uncommon for one home to see an upwards of 10 offers. Aside from low-ball offers, the first offers to get rejected are those that don’t seem ready and or qualified. If your finances aren’t in order, sellers will likely move on. This is because a seller (generally) doesn’t want to accept an offer just to have the financing fall through and be in the same place a few weeks later. To strengthen your offer, get pre-approved and let the seller know that you are serious about purchasing the home.
Taking too long
Although it’s never a good idea to buy a house on a whim, waiting too long is a surefire way to lose out on an opportunity. There simply isn’t room in today’s market to spend exorbitant amounts of time pondering putting in an offer. Set yourself up for success by knowing what you want and what you can afford. This way if the right property comes along, placing an offer is a no-brainer.
Placing a weak offer
Placing a low-ball offer, or an offer with a ton of contingencies simply isn’t going to fly in this market. Not only are you lessening your chances of having your offer accepted, many sellers will write you off because you don’t appear to be a “serious buyer”. Oftentimes these offers don’t receive a second glance, let alone a counteroffer.
Buying at the top of your budget
It is okay to place your best and final offer first in some instances. In a seller’s market, this is not always ideal. As prime markets draw bigger and bigger crowds, bidding wars are becoming increasingly more common. Set your search under your budget so you can remain competitive if a bidding war breaks out.