Top Mistakes to Avoid When Buying in a Seller’s Market

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October 19, 2018
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Top Mistakes to Avoid When Buying in a Seller’s Market

Finding and purchasing a home requires a tremendous amount of time and effort. Even if you are working with an experienced real estate agent, you will still need to work alongside him or her throughout the entire process. This includes filling out all the necessary paperwork, identifying your needs, attending house showings, determining any issues that may need to be addressed, and more. But things can get even trickier when it is a seller’s market. To help you get the house you really want, following are a few big mistakes you must avoid during a seller’s market.

1. Not Getting Pre-qualified for Your Home Loan
Even if you have a steady income coming into your household and you have a solid understanding of what you can afford to spend on a monthly mortgage, none of that matters to a seller until they know for certain that you can get approved for a loan. In order for sellers to take your interest and offers seriously, it is imperative that you get pre-qualified for a loan. If you wait until you find a home you like to begin this process, the house could already be under contract by the time you get the go ahead from your lender.

2. Not Submitting Your Best Offer
In a seller’s market, people are expecting to get top-dollar for their homes. Sometimes, the sellers will go ahead and tell you to submit your best and final offer. But even if they do not make that indication, it can be extremely beneficial to go ahead and make the maximum offer you can afford. When the sellers will likely be receiving several offers in a short period of time, it is in your best interest to make every effort to get their attention. They are more than likely going to choose the highest offer, so don’t waste their time with low ball offers.

3. Not Moving Quickly
One of the most important pieces of advice to keep in mind during a seller’s market is to move quickly. If you find a house that checks all the boxes, do not hesitate to make an offer because it could be gone before you know it. In fact, many homes will go under contract after one day of showings. By identifying what you want and need in a home ahead of time, you will hopefully be able to move quickly on the house that you envision yourself living in.