You’ve seen them driving up and down the street gazing at homes for sale. Fortunately (or unfortunately) – buyers are facing more obstacles than ever in today’s bidding war market.
There is a ton of information to help with the home buying process- yet lots of buyers make the same mistakes.
1. Confused buyers often jump from agent to agent (assuming they are using a Realtor®) and never sit down to discuss their specific needs and wants. Cure: The Multiple Listing Service (MLS) is a giant pantry loaded with stuff- and every agent has the same access to the information.
2. Even though every article and agent are saying the same things some buyers are reticent to obtain and maintain up-to-date loan information. Cure: Working with a good lender, prior to beginning house hunting, will answer all your questions about finance. Worst case basis- you need to clean up your credit before you actually purchase a property.
3. Buyers need to think long-term. The prices are skyrocketing now but at some point, the market will adjust itself. Cure: Think about resale and plan accordingly..
4. Buyers need to listen to their Realtors® when writing an offer. Today’s chaos requires well-written contracts that are attractive to the sellers but don’t leave buyers in trouble if the deal falls apart. Buying a problem home at a premium price is not a good idea for most of today’s buyers. Cure: Family and friends are important and their input is welcome- but your Realtor® knows the market – so weigh advice and play it smart when writing an offer.