Scared of the Market? Hire a Buyer's Agent Who's On Your Side
In the past couple of weeks I've spoken with buyers who are scared of the real estate market. A return client of mine called me yesterday saying she wants to buy but keeps hearing "horror stories" from friends.
"They haven't hired the right agent," I said half joking.
But it's no joke, it's the truth.
Buying real estate in a seller's market is a bit tougher than in a buyer's market, for sure. But there is nothing to be scared of. There are three element to successfully managing in this market. All of this should be done by a competent buyer's agent.
1. Prepare! A good buyer's agent will have you prepared for the real estate market mentally, emotionally and financially.
2. Set realistic expectations. You may have to offer over asking price, you may have to face rejected offers. None of these things are a big deal when you know what to expect and how to handle these situations.
3. Know where to look. I've discouraged some buyers from pursuing homes in the hottest markets when I felt they can't compete. Look at alternative neighborhoods, and dig through MLS for those homes which are not flying off the market.
To navigate successfully through an unfavorable market, hire a real estate agent who understands the market nuances. A buyer's agent is there to advise, and point you in the right direction.
If your buyer's agent keeps throwing you into the furnace of bidding wars and rejected offers, maybe it's time to look for a new agent instead of another packed open house.
Home buying should not be a series of disappointments, but an interesting adventure with a happy ending.
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