This is still a fast-paced and active seller’s market. That means you need to keep your eye on the ball when you’re looking to buy or sell. Whether you’re a buyer or seller, here are the five mistakes that you need to avoid in this real estate market if you want to get the best deal possible:
1. Overpricing your property. Just because we’re in a seller’s market, you can’t price your home for $100,000 more than what you bought it for just last year.
2. Underbidding on your favorite home. The last thing you want to find out is that you lost out on your favorite home because you underbid by just a few thousand dollars. This happens all the time, and buyers miss out on the perfect home by just a small margin they would’ve been happy to pay.
3. Not fully understanding your contract. It’s important to understand that the contract you’re signing is a legally binding agreement between both parties, not an option to exercise.
“If you don’t tell your agent all your plans, they can’t protect you.”
4. Waiving the home inspection. If you buy a property without inspecting it, you’re just asking for trouble.
5. Not being fully transparent with your Realtor. For example, I know a buyer who recently intended to build a pool in the backyard of the property they were buying. They didn’t inform their agent what they intended to do, so the transaction got all the way to closing before they found out that building a pool was prohibited. If you don’t tell your agent all your plans, they can’t protect you.
We help hundreds of clients each year buy, sell, and invest. If you have any questions, don’t hesitate to reach out to us via phone or email.