Home Buying Mistakes You Can Avoid

Are you in a hot market?

If the answer is yes then the good news is that home prices are most likely on the rise and you probably want to get in now while you can. The bad news is that a hot market is not for the faint of heart. You'll need to be prepared to act fast and be aggressive.

There's a good chance if you find a house you love you're not alone. There are other buyers who are going through the same process as you. The winning buyer will be the one that acts fast and writes an offer.

In the same spirit as the being aggressive, you also need to put all your cards on the table.

This is not the market for going low expecting to have the seller come back to you with a price that you secretly would have been happy to pay. Chances are strong someone else is going to offer the seller what they want or more and you'll never get the chance to have that negotiation with the seller because they went with the other buyer.

Be honest with your agent.

If you tell your agent that you want the house for $5,000 less than asking when you secretly would be happy to pay full price, you've put yourself and your agent at a big disadvantage. It's okay to tell them that you would pay full price but you want to start $5000 below asking. Your agent has loyalty to you and they can only tell the seller what you're willing to pay with your permission.

Don't get caught up on the little things.

If the seller needs to stay in the house an extra day or two after closing then let them, this could mean more to them than the other buyer who has offered a higher price but is unwilling to work with them on the dates. Also, offer to pay the small transfer fees and other related costs. The emotional benefit of doing this is worth the cost.

Communicate clearly with your agent.

If this is the house of your dreams and you want it badly this is the time to tell your agent this. It's okay to say, "I'm willing to do just about whatever it takes to get this house". Doing this will allow your agent to give you the full range of options including some they may not normally cover for clients who seem less serious about being the winning buyer.

Of course, the KBT Realty team is happy to go into more detail about all of these strategies with you.