You’ve probably been told a million times all of the things you should do as a buyer, but what about the things you shouldn’t?
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If you’re a buyer in today’s market, you probably hear a lot of advice on what to do. But today, I want to talk about some of the things buyers shouldn’t do.
Right now we’re in a market that strongly favors sellers. Many listings are receiving multiple offers, in some cases as many as 20. Because of this, being a buyer in a seller’s market means you need to know not only what you should do but also what you shouldn’t.
Keeping these tips in mind will make sure you don’t miss out on the home of your dreams when you come across it.
1. Not making your best offer: We all want to negotiate and get the best deal but in this market anything less than full price or possibly even slightly over will be a subpar offer. And sellers won’t consider these kinds of offers. On our team, we get to see both sides of real estate transactions and in our experience the offers that comes in well above list price are the ones that do the best. Working with your Realtor will help you determine what the best offer is.
2. Overthinking the purchase price: The market is growing so quickly that it is increasingly easy to miss out on a good deal. Don’t overthink things and put yourself in a position where you aren’t seizing opportunities as they come. The money you may think you’re saving will actually be lost because of the current rate of appreciation over time.
3. Not working with an experienced agent: I have been working as a licensed agent for over 13 years as a broker here in the Middle Tennessee market. My team consists of more than 20 people all here to meet your needs, which will give you a huge advantage whether you’re buying or selling. We’ll be able to provide you with tips we’ve learned from experience, like how offering more earnest money and sending a handwritten letter to the seller can help increase the strength of your offer. I’ve seen firsthand that it is not always the top financial offer that wins out in a multiple-offer situation.
Experience is the best teacher.
4. Not learning from your mistakes: Experience is the best teacher. So look at mistakes as learning opportunities. With the time my team and I have spent working within the market, we’ve found out what works and what doesn’t and want to offer what we know to you so that you can be as effective of a buyer as possible.
If you’d like a free consultation or have any other questions, feel free to give us a call or send us an email. We look forward to hearing from you.
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Thanks for the tips for buying a home! My wife and I want to buy our first home this year, so we are trying to get all the information we can first. I like that you mentioned to make your best offer right off the bat. It makes sense that a sub par offer might not even be considered in a competitive market.
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Thanks for your comment, Ernest! We hope to help you buy that first home!
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I liked that you had mentioned that to it can be important to make the best offer that you can in order to make sure you can get the home that you’re wanting. My wife and I have started looking around for a new home that will be able to fit our whole family and we haven’t really been able to find one yet. We’ll have to start doing some research into a homes that are for sale and we’ll be making sure that we make our best offer possible before we purchase a home.