Is All In a Good Home Buying Strategy?

By
Real Estate Agent with Mike Russell & Associates SP00225692 Kansas

Beep, Beep, Beep is the sound as the Brinks Truck backs up to the seller's home with every dollar you can beg, borrow or steal. You just made an offer that that says I am doing everything in my power to get this home, your offer most likely included an AS-IS addendum stating you cannot ask the seller for repairs no matter what the home inspection discovers and an appraisal waiver stating that you cannot renegotiate price even if the banks appraisal is lower than your offer.

So is this the winning hand or is it an overreaction to the current market circumstances? With inventory of available homes down by 64% you will most likely be competing against other buyers for any desirable home on the market but is this the only way to win a bidding war?  This is where the Buyer's Agent you hire makes the difference.

It doesn't take much skill to just throw the kitchen sink at the seller but it does take skill to carefully craft an offer that includes things that are important to the seller that have as much value and sometimes more value than just more $$$$. 

A good buyers agent cares more about your needs not just today but well into the future ,more than winning a bidding war, especially when the offers being submitted exceed reality. Here are some ideas to consider before going all in.

Time Frame - How long do you plan to stay in the home? If your answer is less than 5 years you will really need to consider how far you want to go?

More: Need an Amazing Buyer's Agent? Click Here

Ability - Are you exceeding the budget you set for your home purchase and what may this do to your lifestyle moving forward. Buying a home is supposed to be a blessing and not a curse. 

Is this really the one? - Like it, love it and gotta have it are ice cream sizes at Coldstone, paying a gotta have it price for a like it home may have serious consequences down the road as you will most likely want to sell that home sooner than later as you realize it wasn't truly what you wanted. It is easy to get caught up in the moment and overbid for a less than perfect home.

Assemble your team - Now more than ever you will need a deep bench, your agent needs to be the best, your mortgage lender, the home inspector but more importantly a support system that can give you an honest opinion of when you may be going too far to get a certain home.

More: Not Seeing Homes on your Current Search? Click Here For Most Updated Search Available

Buying a home is a dream come true for most Americans, don't let a short term market shift turn it into a nightmare.

 

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 Mike Russell is a REALTOR with Keller Williams Realty. Mike specializes in Johnson County Kansas Homes and Real Estate for sale. Mike is a tech savvy realtor with over 20years experience. Did you enjoy Mike's Blog? Feel free to subscribe or join Mike on his Social Network to stay up to date on Overland Park, Olathe, Leawood, Lenexa, Shawnee and all of Johnson Counties real estate news and more...

Mike Russell & Associates can be reached at 913-266-5828 or MRussell@KW.com  or www.SearchjocoHomes.com

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Comments (3)

Shayne Stone
Champion Real Estate Group - Missouri City, TX
"Your Rock Solid Choice Realtor"

Great information!  Thanks for sharing and have a wonderful day!

Apr 23, 2021 07:51 AM
Ed Silva
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

There is always a cost to an anxiety buy, and as you offer down the road it could be reaching into the pockets again to be able to sell at that market value.

Apr 23, 2021 12:23 PM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Mike this is valuable information for Buyers, hopefully they take advantage of it.

Apr 24, 2021 06:53 PM