The Monarch Group Real Estate Blog

Buying a Home

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...