Navigating the real estate market can be challenging, especially when it’s a seller’s or buyer’s market. Here are the top six things not to do in this real estate market:
Don’t Skip Pre-Approval: If you’re a buyer, don’t start house-hunting without getting pre-approved for a mortgage. In a competitive market, sellers are more likely to accept offers from pre-approved buyers, as it shows you’re financially prepared.
Avoid Lowballing: In a seller’s market, offering significantly below the asking price can lead to your offer being rejected or ignored. While negotiation is expected, make sure your initial offer is reasonable based on market conditions.
Don’t Skip Inspections: Even in a hot market, don’t waive home inspections to speed up the process. Skipping inspections can lead to costly surprises down the road. Instead, consider conducting a pre-offer inspection to make your offer more competitive.
Avoid Emotional Decisions: Don’t let emotions drive your decisions. It’s easy to get caught up in bidding wars or settle for a less suitable property due to market pressure. Stick to your budget and your must-haves to make rational decisions.
Don’t Neglect Due Diligence: Research the neighborhood, property history, and market trends thoroughly. Failing to do your due diligence can result in regrets after the purchase. Understand the long-term potential of the property.
Avoid Overextending Finances: In a hot market, there can be pressure to spend more than you’re comfortable with. Stick to your budget and avoid taking on a mortgage that stretches your finances too thin. Remember, you’ll have ongoing expenses like property taxes, maintenance, and insurance.
Remember that real estate markets can vary widely by location, so it’s crucial to stay informed about local conditions and seek advice from a trusted real estate agent or financial advisor who has a deep understanding of the specific market you’re interested in.
Mel & Zack Durham
EXP Realty | PNW Homes Group
Olympia, WA
360.481.2073
melandzackdurham.com
melandzack@pnwhomesgroup.com
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