Frustrated by the search for a new home? Here are 12 tips and mistakes I see buyers make …147

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Deerwood Realty and Friends Podcast

In this market, which heavily favors the home seller, buyers can easily be frustrated and I know some have even given up. Here are some tips on re-setting your search and dealing with the frustration of what has become one of the more difficult environments for home buyers in history.

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Thoughts: Here are some ways I look at the real estate market when I am working with buyers. I feel like this mindset can be helpful because as a buyer’s agent I deal with the same frustrations over and over and I’m used to them.

1. Remember your original reason for purchasing a home. As the search for a new home goes on and on, buyers start to forget the reasons why they wanted to buy a home in the first place.

2. Think about the process of finding your new home as a hunt….or a contact sport. As a buyer you have to get out there and look. But it’s like a hunt, or a sport.

3. If you lose out on a bidding war on one house, Don’t give up. The market is so hot right now. Buyers want to buy a house and so they ask their agent, “how much above asking are we going to have to go to get this house?”

4. Look at houses where you have some balance. Home sellers and their agents are currently in the best negotiating position.

5. Beware of off market properties The market is really hot right now, and that tempts buyers to think creatively.

6. Give yourself enough time to make a decision. I see so many buyers put themselves in bad positions by not giving themselves enough time to make a decision.

7. The chances of getting an offer accepted are kind of random. Understand that you could make offers on 5 houses and not get an accepted offer but get an accepted offer on the 6th one, or you could get an offer accepted on the 2nd house you looked at.

8. Stop looking for that “deal” that isn’t there. I see so many buyers look at houses, then look at Zillow and then if they see a house where the asking price is lower than the zestimate, they are convinced that this house is a deal and that they are the only ones who know about it.

9. You should set a limit on your asking price before you make an offer. When you’ve looked at a bunch of houses in a particular area, and you’ve seen relevant comps, set a limit on your offer.

10. If you do buy a house AS-IS, at least get it inspected so you know what you are getting yourself into. You should always get a home inspection as a buyer.

11. You will never buy a house without making an offer. I see some hesitation with buyers and writing in two different ways.
1. Buyers may like a home but not the asking price. Rather than “insult” the seller with an offer, they don’t bother writing.
2. Buyers may like a home but are dissuaded by the competition. Whenever buyers want to write an offer, I call the agent and they tell me what the situation is…many offers in hand, no offers in hand, etc.
3. While it feels like a big deal to write an offer on a house, it really only becomes a big deal if the offer is accepted.

12. Know that there is a house out there for you. Homebuyers need not be discouraged. I know there is a house out there for you. I’m constantly amazed at the opportunities that arise for my home buyers. It’s like they are meant to have a particular house.

Source: Me

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