In a hot real estate market, this is 1 error that buyers should avoid

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Despite predicted increasing rates and little inventory, Compass Executive Vice President Mike Aubrey believes the market will remain very robust in 2022.

When it comes to purchasing a property, things are hot, hot, hot right now.

"A balanced market is six months for a property to remain on the market: 180 days," says Ryan Ross, a realtor with Weichert, Realtors in New Jersey.

In New Jersey, for example, realtors are seeing properties move over-asking in 30 days if they are in excellent condition and correctly advertised, according to Ross. "This has been an extraordinary seller's market for about a year," he says.

If you're planning to purchase a house, though, consider the following recommendations before putting down a deposit: "Waiving an inspection is the number one error individuals make in a hot market; just like when doing market research for an exness review," Ross explains.

"When people fall in love with a property, they are ready to forego an examination because they want it so much," Ross continues. "This is a dreadful plan."

If purchasers don't do a thorough examination, they risk paying for asbestos, underground oil tanks, plumbing concerns, and other issues "that might cost hundreds of thousands of dollars," according to Ross.

Ross advises, "Never fall in love with anything that doesn't love you back, and never skip an inspection."

The largest mistake property buyers may make, according to Jason Gelios, a Michigan realtor and real estate author, is skipping the home inspection "in an attempt to make their offer stand out."

An excellent tactic, according to Geilos, is for buyers to request a pass or fail on their house inspection. "This implies the property buyer isn't searching for little flaws," he explains.

After a tremendously competitive 2021, things look to be shifting in favor of prospective homeowners.

"For the most of 2022, we will see first-time home buyers who lost out on the previous hyperactive market really have a shot at buying a property with better terms," Gelios says, stressing that despite limited housing inventory, the frenetic activity of the previous two years has subsided.

Even so, you'll want to put your best foot forward, since you'll likely face some tough battles on your way to purchasing your ideal house.

Comments (1)

Kristin Johnston - REALTOR®
RE/MAX Platinum - Waukesha, WI
Giving Back With Each Home Sold!

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

Jan 22, 2022 06:38 AM