Avoiding Common Home Buying Mistakes & Christmas Vacation Repair Costs!

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Welcome to Real Estate Realities: Avoiding Common Home Buying Mistakes, the podcast where we dive deep into the world of real estate with expert insights and practical advice. Hosted by seasoned real estate professionals, this show is designed to help you navigate the complex process of buying a home, ensuring you make informed decisions every step of the way.
In this episode, we kick things off with a crucial reminder: if you enjoy our show, please follow us and give us a thumbs up on your preferred platform. Your support helps boost our visibility and reach more listeners. Don't forget to follow us on Instagram to stay updated on upcoming episodes and exclusive content.
Today, we're shaking things up and starting with a discussion on common mistakes homebuyers make, as highlighted in a recent article. We'll get Susan's professional take on each point, providing you with valuable insights to avoid these pitfalls.
Mistake #1: Ignoring How Long the House Has Been on the Market Susan emphasizes the importance of paying attention to the number of days a house has been on the market. If it's been listed for less than 21 days, you'll need a strong offer. If it's been on the market for 90 days or more, there might be more room for negotiation. Susan explains how to pull the property's history, including previous contracts and price reductions, to get a comprehensive understanding of its market performance.
Mistake #2: Showing You Can Afford Much More Than You Offer Susan advises against showing your full financial capacity in your pre-approval letter. Tailoring your pre-approval letter to match your offer can prevent sellers from knowing your upper limit, making them more likely to negotiate.
Mistake #3: Assuming All Fixtures Are Included in the Purchase Susan clarifies that not all fixtures are included in the sale. Items like mirrors, curtains, and built-in appliances are typically included, but washers, dryers, and refrigerators are not. She stresses the importance of clarifying these details in the contract to avoid misunderstandings.
Mistake #4: Focusing Too Much on the Home Price Negotiation isn't just about the price. Susan discusses other factors that can influence the seller's decision, such as covering closing costs or adjusting the closing date. She shares a unique negotiation story where a buyer included a Harley Davidson in the deal.
Mistake #5: Lowballing Your Offer Susan explains that lowballing can be a risky strategy, especially in a hot market. She advises understanding the market conditions and being realistic with your offers to avoid alienating sellers.
Mistake #6: Not Flattering the Seller A well-written buyer's letter can sometimes make a difference, but Susan notes that not all agencies allow these letters to be presented. She shares her experiences with buyer's letters and their varying impacts on sellers.
Mistake #7: Insulting the Home Criticizing the property to justify a lower offer is a terrible strategy. Susan explains how this approach can put sellers on the defensive and derail negotiations.
Throughout the episode, Susan and the host discuss the current market conditions, including the impact of rising interest rates and the shift towards a more balanced market. They also share practical tips for working with real estate agents and navigating the negotiation process.
Join us for this insightful episode of Real Estate Realities: Avoiding Common Home Buying Mistakes and equip yourself with the knowledge to make smarter home buying decisions. Don't forget to follow us on Instagram for more updates and exclusive content!