If you’re a buyer and listen to the news, you’re probably thinking “any seller should be happy to receive your offer” … even if it is 15-20% below the asking price. After all it’s a “buyer’s market” right? Wrong!
Many buyers are learning the hard way, that things are a changing. The old saying still applies, even in this market….a property in a good location, in good condition, priced right, will sell quickly. Sure enough these types of properties are going under contract as soon as they hit the market. It’s not uncommon for a property to have multiple offers, for full price with excalation clauses. This is a hard pill for buyers to swallow.
If you are a buyer, make certain you work with your agent and lender, so that you are in the best possible position to write a strong offer the first time. You may not get a second chance. Know how much money you will need to cover closing costs and where you financial ceiling is. Competition can cause people to make emotional decisions…don’t let emotion take over. This is may very well be the largest financial decision you will ever make.
We are often asked, “is it a good time to buy a house, or should I wait?”. Interest rates are at record lows and home prices are down. If you decide to buy, stay within your budget. Quality of life should also be a consideration. If you have to eat peanut butter and jelly every day because you’re over extended financially, that may not be the quality of life you were hoping for. Look for a smaller home. You don’t have the biggest and best the first time around.
Call us if you have questions or want to attend one of our “Buyer Seminars”. If you need a lender, fell free to contact the Mills Davis Team…tell them David and Sallie sent you.
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