The home buying process moves quickly in a Seller’s Market. With sellers asking top dollar, getting multiple offers on their homes, and available inventory shrinking, it’s easy for a home buyer to become frustrated. Here are some common mistakes buyers make in a Seller’s Market:
- Not being pre-approved for a mortgage. Mortgage pre-approval is crucial in a seller’s market. It shows sellers that you are serious about purchasing their home. Waiting too long to make an offer. Be prepared! If you wait too long, you’re likely to lose out.
- Not making your best offer. Offering lower than asking price is commonly done, but don’t do it in a Seller’s Market.
- Not being prepared for negotiations or a bidding war. Again, be prepared, because negotiations and bidding wars are likely to occur in a Seller’s Market.
- Not hiring a REALTOR®. A REALTOR® will offer you advice, save you time, save you stress, and save you money.
Remember… the real estate market is always changing, but regardless of market conditions, a REALTOR® can help you effectively navigate through the process.