The Monarch Group Real Estate Blog

Buying in a Seller's Market: 3 Mistakes to Avoid

If you’re currently looking to buy a home, you’ve probably noticed the current state of the real estate market. Prices are up, inventory is down, and properties are being sold in record time! It’s a seller’s market out there, and it can be tricky navigating it. As a buyer, there are some very important things to know when house hunting today that can smooth out the process majorly. I read one of the latest Zing! blogs by Quicken Loans and learned a lot from Maegan Wyrzykowsi about what to avoid as a buyer in this current market. Most may seem like common sense, but can also be easily forgotten in the shuffle.

 

Mistake #1: Skipping Preapproval

As Maegan points out, skipping preapproval can be a horrible mistake as a buyer in this seller’s market. Preapproval essentially tells your agent what you can afford and tells the seller that there is a lender willing to back your offer. Generally, getting a preapproval letter is the first thing you should do and always have on hand when looking to buy. If you’re competing with another potential buyer, having a preapproval letter will help put you ahead of the game. As a general note, most preapproval letters are valid for up to 90 days, so keeping up with these and getting updated ones is important. You can contact us for our list of Trusted Affiliates who can help you with your preapproval.

 

Mistake #2: Offering Low

In this current market, giving a low offer is the last thing that you want to do! Smart sellers know that there’s low inventory of homes on the market and that they can squeeze out a higher price if desired. The best thing to do is to offer the most you can, a fair offer, on what you want as soon as possible. Waiting to make an offer or making a low offer will kick you, as a buyer, out of the game quickly!

 

Mistake #3: Not Using an Experienced Agent

In this market, or any market, the safest and smartest move is to use an experiences real estate agent. This will help save you time and headaches down the road. The key here is the “experienced” part. Someone who has experience in the business will help make sure you get a fair deal on the home you want in as short an amount of time as possible. Experiences agents are also well-recognized and well-respected in their local markets and their relationships and contacts can help you not only throughout the buying process, but also with later homeowner speed bumps down the road, like repairs and upkeep.

 

If you’re in Louisville or surrounding areas, The Elizabeth Monarch Group is the team of experienced Realtors that will do all of this for you! Whether you’re buying or selling, The Elizabeth Monarch Group will be there from listing to closing and after! We provide buyers and sellers with professional service throughout the buying and selling process and help with things such as repairs and upkeep with our Trusted Affiliates program. If you’re in the market to sell or buy a home, contact us today! Check out our website at www.theelizabethmonarchgroup.com!

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