Silver Spring, MD, Takoma Park and the Greater Washington, DC Metro Markets in General are experiencing a HOT Seller's Market with low inventory. This advice from a California Real Estate Agent is invaluable to home buyers navigating the current conditions here in the east!
Real estate professionals accept as fact of life that there will be a certain number of homebuyers, who will lose the house they've found, and would love to buy. There are several reasons this can happen.
Since homebuyers do not generally pay commission on homes, it is important to understand that buying a home without professional real estate representation is not only unnecessary - in today's world, it can be risky.
(1) Desirable homes, which are priced well in a brisk real estate market, often command a great deal of interest from homebuyers. If a buyer lingers in making a decision and doesn't act quickly, someone else can buy the house. It is especially true if the home is in a good neighborhood.
(2) Low-balling an offer for a house already priced well, and receiving loads of buyer interest, will usually have the buyer losing the house, because they were outbid by someone else. Serious homebuyers should aspire to make the most attractive offer they can.
(3) Getting prequalified and preapproved by a lender is paramount. Buyers failing this important step in the home buying process, often miss out on the best deal. It isimportant that prospective homebuyers determine how large a mortgage they can qualify for, and consider different types of mortgages available.
(4) Consider the resale value of the house before purchasing. There are certain features that can hinder a property in marketing - That 1 car garage for example; or 1 bath home. Cosmetic issues with a house - like that peach colored shag carpeting and 1970s wallpaper, can easily be remedied. But it is costly to overcome the need of an additional bathroom, or that small garage.
(5) Likely the most important thing some homebuyers fail to do, is find the best real estate professional, willing to work with them through the home-buying experience and process.
An experienced real estate professional, will educate about the home-buying process, and acquaint with important issues which require consideration and understanding, so successful acquisition of a first home comes with few road blocks and is a more joyful experience.