Home Buyer Pitfalls – Part 2
As we mentioned last week in part 1 of our Home Buyer Pitfalls series buying a home is a big decision and an even bigger investment. Let’s look at three more pitfalls this week that home buyers should avoid.
Always Looking For A Better Deal – when you’re looking for a new home it’s important to understand there are always going to be homes entering the market; it’s inevitable inventory will fluctuate. Buyers know when they’ve found “the one” – sounds cliché but, it’s true. Trust your instincts and be prepared to make an offer. Always looking for a better deal can cause you to miss out on the home of your dreams.
Low-Balling vs. Negotiating Realistically – there’s a big difference in low balling vs. negotiating. Low-ball offers often offend sellers and are ultimately rejected. Review comparable sales with your agent and make a realistic offer. Buyers who low-ball run the risk of losing the property all together. Focus on negotiations that result in a fair outcome for all parties.
Equating Short Sales with A Deal – many home buyers equate shorts sales to bargains but, that’s not always the case. Short sales can take anywhere from 3 – 12+ months to close and because of that require a lot of flexibility on the buyer’s part. There are many cases where buyers have overpaid on short sales because they didn’t know the current market conditions. If you are interested in short sales it’s a must and I do mean a MUST to work with an agent who is experienced with short sales. They can guide you on all the ins and outs that come with this type of sale.
All of the home buyer pitfalls we have covered so far can be avoided by hiring the right Realtor®. As is the case in most industries not all agents are created equal. Do your homework and ask your friends and family for referrals. From there research the names that are provided to you and interview the agents before making a decision. Just because your Mom's, best friends brother is in real estate doesn't mean that's the agent for you. Local expertise, a proven successful track record, online presence, and experience selling the type of home you're looking for are all factors to consider.
Stay tuned next week for part 3 of our Home Buyer Pitfalls series. We were originally going to do 2 parts but, after receiving insight from one of our preferred lenders on some of the things buyers are struggling with in regard to getting their financing secured we decided we would conclude the series with part 3.
If you have questions about buying a home in the Northern Virginia area we welcome the opportunity to answer them for you.
Contact us - Amanda Davidson Real Estate Group 703-988-3151.
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