It can be a challenge to buy a home in a really HOT market and mistakes can keep you from buying the home you really want! However, we are here to guide you and help you avoid the following:
1. Neglecting to Understand the Market
· Moving from a more affordable markets to higher-priced markets is especially difficult
· People expect to find comparable homes in size and budget, and they are often disappointed when they don’t.
· Others believe they can take their time until they find their dream home because they don’t understand how quickly properties move.
· Learning realities of a hot market..
· We strategize with our buyers so they can find a property that works for them.
2. Don’t Let Desperation Guide Actions
· Acting out of desperation is one of the biggest mistakes
· In a competitive housing market, buyers need to be prepared to act quickly.
· However, when sometimes desire to purchase a specific house—or just a house, in general—overrides logic,
· poor decisions can result.
o committing to unreasonable closing deadlines,
o waive inspections and appraisals, and more.
Other houses will become available. so don’t blow the budget or forfeit original
buying strategy to find a home.
3. Hesitating to Make an Offer
· Properties move quickly in a hot sellers’ market. That’s why hesitation is one of the worst—and most common—homebuyer mistakes.
· Buyers who delay making an offer because they want more information, or because they think something better will come along, often miss out.
· More information may be needed but that is part of the Due Diligence period
· While buyers shouldn’t make too many concessions or act without thinking,
· Make decisions ahead of time and be prepared to move fast when you find a property you love.
4. Overpaying for a Home · Overpaying is also among the most common mistakes homebuyers make in a hot real estate market.
· In an attempt to compete with other buyers—or simply because you have fallen head over heels—buyers may throw out their budget (and common sense).
· This can lead to spending too much money on a property.
· And end up purchasing a home you ultimately can’t afford.
· Some buyers spend so much that they find themselves quickly underwater if the market tanks or even just dips a bit.
· A bad decision now can cause a great deal of pain down the road. So stick with your plan
Set a maximum amount you are willing to spend.
Take both budget and comparables in the area into account.
When you step out of your comfort zone, remember to look at those limits you set to begin with.
Our responsibility as a Professional broker is to help you avoid the most common mistakes homebuyers make, especially in a hot real estate market.
The decisions you make now may end up creating future regrets – we want to help you avoid that – and to feel happy and grateful for the home you ultimately purchase.
We take this responsibility seriously.