It’s a strange Real Estate Market these days. If The Rocky Horror Picture Show and The Wolf Of Wall Street were combined into one movie, the plot would reflect our current economy. The traditional rules and patterns seem to be out the window. Still, there are some facts that continue to be true even when the world seems upside down. Buyers always have, and will continue, to make these common mistakes.
1. A low initial offer. Making a lowball offer effectively says to the seller “Get over yourself. Your property ain’t that great.”. You risk upsetting the seller and making a real negotiation impossible. If you really want the property don’t shoot yourself in the wallet by starting off too low.
2. Worrying about the small things. When you get the inspection report don’t expect the sellers to fix everything reported. Focus on the big items and the safety issues. If the roof needs replaced, work to get that handled. If there are 3 burned out bulbs you can probably afford a trip to Home Depot to replace them.
3. Not using an agent when buying a new home. Get a professional looking out for you. The builder wants as much out of you as possible. Incentives get lost, shoddy workmanship is overlooked and closing deadlines can get missed. Get a heavyweight to throw some punches from your corner.
4. Buyers are too intimidated to ask questions. Agents love clients who ask questions. Buying your next home can be complicated and daunting. The agent can assume you understand the entire process but it’s up to you to ask questions. No one should ever say “Don’t worry about it. Just sign it.”
5. They second guess themselves constantly. Jumping off the high dive looks really fun until you stand at the edge of the platform with your toes wiggling over the pool. Buying Real Estate is very scary for most people. In the long run very few people belly flop from buying a piece of property. Owning real estate almost always pays off.
It’s easy to get yourself in over your head when you are buying Real Estate. You need to have a trusted agent at your side every step of the way from the idea, to the closing, and beyond. It’s easy to make mistakes but just as easy to get back on track when you are being guided by a trained professional.