To say this is a competitive home buyer’s market would be an understatement. And just like everything we purchase, when demand goes up, supply goes down. And when you really want or need a new home, the high stakes can get you to impulsively make decisions you might not typically make.
You don’t want to look back at your home purchase and wish you wouldn’t have paid the price you did, settled for things about the house you really didn’t like or chose a location that really doesn’t work for you.
Here are 5 hurdles buyers are facing and how to navigate them:
- Waiving Contingencies
With an appraisal contingency or a home inspection contingency the buyers are typically more protected from losing their deposit or getting stuck with a house that has more defects than originally expected. When you waive these inspections, it puts the buyer in a position where they have fewer bargaining tools, could be forced to continue with the purchase, or lose deposit money. Buyers should discuss all options and strategies with an experienced buyer agent before making an offer on a home.
- Quick Showings and Fast Decisions
Trying to even SEE a home can be tough in this market. When homes come available showings must be scheduled quickly. Make a list, take pictures, and find a way to keep them details straight in your mind. If you feel like one of the homes might be perfect for you, you can go back through your pros and cons and be sure it really is the one you want to pursue.
- Focusing on the Top of Your Price Range
Homes are selling for well over asking price. So, if you’re touring homes that are already at the top of your budget when listed, you’ll have absolutely no wiggle room if you fall in love with the home. Try touring homes below your top budget and give yourself a cushion to offer more if you feel like it’s appropriate.
- The Need to Compromise
If you’ve toured any homes recently, you’ll probably notice that many are not “move-in-ready”. It’s good to decide what your needs are compared to your wants before you start touring. You might want brand new carpet, but you need 3 bedrooms. One of those can be compromised. Location is something that can sometimes be compromised and can impact your price. But don’t get overzealous and compromise your needs. If moving away from town gets you a better price, that’s great, but not necessarily if you’ll need to buy a brand-new car just for the commute.
- Information Overload
You may need to set aside time for researching and scheduling showings. It can feel almost like a part-time job. But if you find experienced, buyer-focused agents like the ones at Wolfe & Company Realtors, they will help you navigate the tough decisions. They have the experience to help you structure an offer and increase the chances of snagging the home you love. They will also keep you informed of what’s coming up on the horizon. Don’t get discourage; your home is out there!
Article adapted from: https://www.houselogic.com/buy/how-to-prevent-home-buyers-remorse