Shopping For a Home In a Seller’s Market In the Inland Empire - Don’t Make These 4 Mistakes

Dated: September 4 2020

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At this time “starter” homes in a first-time homebuyer’s price range in the Inland Empire area are scarce. In many areas they are going under contract within a few days of going on the market. That means as a first-time homebuyer, you’re not only looking for a home that meets your needs and you actually like, but you’re also looking to beat out all the other homebuyers who also like that home and want to make an offer on it, too.

If you want to land your dream home, you’ll need to be decisive and strategic in order to get what you want.

 

Here are four common mistakes and how to avoid them.

Waiting too long to make an offer

You’ll need to move quickly if you find a home you love.  In a seller’s market, home-buying competition is fierce, and there’s likely at least a few other interested parties waiting in the wings. So, while you don’t want to make an impulsive decision you may regret, if you wait too long to put in an offer on a home you’ve fallen in love with, you may lose out to more motivated borrowers.

Low-balling the price

A seller’s market is too competitive to try negotiating a bargain. If it’s the home you really want, open with your best offer. The motivation to buy what we want for as little money as possible is deeply ingrained within us. So when most people see the sales price of a home, they naturally wonder what they can really get the house for. Offering lower than asking price is a reasonable strategy, if the house is overpriced compared with other similar homes in the area, or if it’s a buyer’s market with lots of available inventory, as it was a few years ago, but it’s no longer 2008-2010. Trying to get a deal when you’re in a seller’s market might not be the best tactic. You need to come strong with your best offer. Your agent should analyze what comparable homes have sold for in the area and provide you with this information to assist you with making a competitive offer.

Having unrealistic expectations about the home inspection and any repairs

The first thing to remember is that no home is perfect, not even a new build. The more competitive the market, the less likely a seller will be to make repairs or accept a lower offer. If the repairs are minor and not a deal-breaker, you may have to bite the bullet on them. 

Not learning from your mistakes

There’s no shame in learning that your offer has been declined, but it’s easy to get frustrated if your offers are declined repeatedly. As you move forward learn from your mistakes and be open to advice from your real estate agent. After all they’ve been through this process many times before. 

© 2020, Tonya Brown. All rights reserved

 

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Tonya Brown

I'm a mortgage and real estate broker. I do all things real estate. I can help you Buy-Finance-Sell-Insure real estate. I specialize in customizing mortgage solutions to find the mo....

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