There are six big mistakes that buyers often make in a seller’s market:
1. Not making your best offer. If you think you’ll have a chance to negotiate or receive a counteroffer, you probably won’t. In a hot seller’s market, tons of buyers are putting in offers, and the highest one will usually win.
2. Overanalyzing the purchase price. You can’t look at assessed values, appraisals, etc. Look at the price, look at the market, have your agent do some research, and find out what it’s worth right now. With this estimate, you can put your best offer forward.
3. Working with an inexperienced agent. An agent who is part-time or new in the business simply won’t have the right advice. They don’t fully understand the market yet, and their guidance will be limited.
4. Not getting pre-approved. If you jump into the market without knowing what you can afford, you’re wasting everyone’s time. Your first step should be getting pre-approved.
“ An agent who is part-time or new in the business simply won’t have the right advice.”
5. Not being prepared for a bidding war. There’s likely going to be a lot of competition, which means there will be bidding wars. If you’re not prepared, you won’t be able to hold your ground very well.
6. Not learning from your mistakes. If your offer isn’t accepted the first time around, it’s time to take it as a lesson and do things differently the next time. If you continue using the same strategy that didn’t work, you’ll get the same failed results.
If you’d like to find out how we help buyers for free, if you have any questions, or if you’d like further information, feel free to reach out to me. I look forward to hearing from you soon.