K.M. Minemier & Associates is a certified Woman Owned Small Business (WOSB) engaged in full service real estate asset management and marketing.

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Top Mistakes Home Buyers make in a Seller’s Market

August 13, 2018

  1. NOT understanding the market

Current market conditions will decide how you look for homes, what you pay for a home, and how you negotiate a contract of a home. It is critical to sit down with your agent to review market statistics so you can have a better understanding on the current condition for your local real estate market. Right now buyers are being forced to compete for houses and even the smallest difference could make or break the deal.

  1. NOT getting into properties right away

Get into the home immediately. In this sellers market homes are flying off the market within a few days. If you are serious about buying, DON’T wait. If you cannot make time to go to the home, ask your agent to go by and preview it for you.

  1. NOT writing offers

You should always write offers on homes you like. Just because you may be competing in a multiple-offer situation doesn’t mean you shouldn’t try. Not every home that has multiple offers goes over asking price.

 

  1. Waiting to buy a home

By waiting you could miss your opportunity. Some buyers believe waiting is better for the following reasons; the market will turn around, they will save more money so they can buy what they want, or they will wait until something better comes along.  The truth is homes appreciate every year. So homes that are currently in your price range may not be next year.

 

  1. NOT being realistic

Searching for a home that doesn’t exist can just cause frustration and waste valuable time. If you see 10 or more homes in a particular price range, then this gives you a great indication of what is available.

 

  1. Hesitating

In a seller’s marketing you don’t have the luxury of thinking on a property for a week. The market is moving too fast. You need to be ready to take action the minute the right house comes up.

 

  1. Being too focused on price

In a seller’s market it is not unusual for homes to sell at or above asking price. In a seller’s market you will be paying towards the top end of the fair market range.

 

  1. NOT working with a seasoned professional

You always want to work with a seasoned buyer’s agent that has your best interest in mind. They will not only know the market but know how to handle the market.

 

  1. NOT putting your best foot forward

When making an offer, show the seller you’re serious and get the house under contract. If you put in too low of an offer your offer will more than likely be over looked or beat out by another buyer.


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