There are 4 mistakes buyer’s can’t afford to make in a seller’s market. If you’re a buyer, be sure you read through and consult with your REALTOR® about the best strategy in today’s market.
Mistake 1: Hesitating
Homes move quickly in a seller’s market. Purchasing a home is a large investment, but you have to be able to make quick decision. Know what you’re looking for and when you find it, act quickly.
In a seller’s market, it’s likely that buyers will find themselves up against multiple offers. The best thing you can do in the case is to be prepared; prepared to act quickly and having your paperwork prepared. Have your records of your mortgage approval and ensure all your paper work is up-to-date and ready to go.
Hesitating becomes a mistake with timing as well as the offer itself. If you find a house you love, make your best offer. Consult with your REALTOR® about the right number, but don’t rely on a sign-back.
Mistake 2: Being Vague
Ball parking numbers is NOT going to help you. When you sit down to figure out how much you can spend on a home, it’s critical that you are honest with yourself. Make note of your income and expenses and don’t just think of the “best case scenario”, map out a realistic list of your monthly expenses. Think about all of the numbers. If you haven’t started saving for retirement yet, work that into your plan. Don’t just look at today, think about your long-term. This is important because when it comes down to making an offer on your dream home, you want to know what your top line is and you’ll want to trust that it’s accurate.
Mistake 3: Ignoring The Current Market
Season by season, and even month-by-month the real estate market changes. The state of the current market should be reflected in your offer and negotiating strategy. The best resource you have is your REALTOR®. REALTORS® live and breath real estate and can advise you on the best moves to make in this current market. If you’re a buyer in a seller’s market, you’re going to want to know that before you make an offer. Give yourself all the information you need to make educated decisions.
Mistake 4: Not Working With A REALTOR®
We’ve already said it: REALTORS® live and breathe real estate. So why wouldn’t you want to work with someone who knows the ins and outs of the industry? Your REALTOR is an asset to your home search adding experience, knowledge of neighbourhoods and past sales, and much more to your home search experience. The biggest mistake you can make is not working with a qualified REALTOR®.
Contact a Fully-licensed REALTOR® today!
If you are looking for expert, fully-licensed support from a REALTOR®, contact Royal City Realty. We are focused on helping you unlock your future.