6 Mistakes to Avoid as a Buyer in a Seller’s Market
As a home buyer, there are many factors that are favorable to you right now, but there are also challenges because we are experiencing a seller’s market. As you look for a home in a seller’s market, having a plan in place is essential in order to avoid making mistakes. Buyers are able to secure what they want, but avoiding these common mistakes is key.
- Working on your own or with an inexperienced agent.
In a seller’s market, buyers need all of the help and guidance they can get.When competing with other buyers in the market, coming to the table “offer-ready” is vital.An experienced agent can make sure you start off on the right page with sellers.Our Team can save you time and stress through our extensive knowledge of the market.
- Not making your best offer
It is so important that you step up to the plate as a buyer with a strong offer.While it is common to desire buying what you want at the lowest amount possible, in a seller’s market there simply isn’t enough room for lower offers due the increased amount of competition for homes.
- Waiting TOO long
Over-analyzing a home purchase can place you at higher risk for losing the home you want.Once you have found the home you consider to be “the one,” don’t wait to make an offer.
- Not being prequalified
Prequalification as a buyer from a lender increases your leverage in the market.This lets the seller know that you have essentially told your financial story to your lender and they are willing to partner with you.Conveying seriousness and commitment can set you apart from the competition.
- Unprepared for a bidding war
While a bidding war may not happen in a seller’s market, there is an increased chance of one due to low inventory and increased competition.In order to prepare for the possibility of one, search for homes below your MAXIMUM budget in order to leave room in the case of a bidding war.
- Lack of flexibility
Flexibility with your search criteria is vitally important in a seller’s market due to low inventory. You may need to sacrifice your ideal scenario of having 2 bathrooms and be perfectly content with a 1.5 bath or be open to less acreage than originally planned. Pivoting your “wants” will help guide you to the right one.
Avoiding these mistakes can you navigate a seller’s market as a prepared and knowledgeable buyer. Still not comfortable with moving forward? Let our Team set up a free buyer’s consultation with you to start your home buying journey today!