Top 5 Buyer Mistakes
Top 5 Homebuyer mistakes to avoid in a seller’s market
The real estate market is already heating up in Annapolis, Maryland. Inventory is extremely, new buyers are entering the market and in come the buyers that lost out last year. Avoid these homebuyer mistakes so you can compete in a sellers market? Today, we’re looking at some of the five key mistakes you should avoid when buying a home in a seller’s market.
5 Key Mistakes to Avoid When Buying in a Seller’s Market
There are numerous potential mistakes that you can make when buying a home – and these could leave you missing out on your dream home and starting to build wealth! Keeping the following five in mind will help you get ready to win in a seller’s market!
Not being ready to purchase: In any market you want to start your search knowing how much you can afford and how much you are willing to pay a month. Make sure you are already speaking with a lender and have a pre-approval.
Looking at the top of your budget: You should always keep in mind that seller’s markets often see houses selling for more than their listed prices. As such, try to look at properties slightly below your budget to give yourself more leeway.
Waiting for a crash: There’s no way to predict how the housing market. So, if you’ve been waiting for the market to crash, you could miss out on great opportunities – and prices and competition could even go higher!
Not having a game plan: Buying a house is a massive choice, and you’ll need to have a game plan in place so that you know how to act when emotions run high. Have the upfront conversation on what contingencies you want, your max budget, and what items are non-negotiable. You won’t have much time to respond when you make an offer since the market is so competitive; so establishing your game plan at the outset can help.
Avoiding best offers: In such a competitive seller’s market, giving your best offer up-front is often helpful. While you may want to negotiate, there’s a good chance the house will receive multiple offers, so the seller may not bother to come back to see if you can offer more at all.
Final Thoughts
Buying a new home comes with numerous challenges, and if you’re trying to buy in a seller’s market, things can be even trickier! Luckily, we’ve outlined some of the most common mistakes you should avoid when buying in a seller’s market. Hopefully, this will help you find the perfect home for your needs, too!