Common Buyer Misconceptions TUESDAY | AUGUST 8, 2017
Working with buyers is usually a pleasure as they search for the perfect house, but there are many common misconceptions they cling to which can hurt a transaction.
One misconception is the thinking that they don’t really need an agent to simply make the appointment and show them a house. They don’t realize the power of having someone on their side to explain the process, write the contract, negotiate on their behalf, and guide them through the whole process. The seller has an agent working for them and the buyer should do the same.
Also, some buyers want to see everything on the market in their price range. They don’t realize that many times, the first house they see may be the one. Many buyers have looked at many houses and then gone back to the first house to put an offer in. While it is important to look at a variety of houses, it’s a good idea to have a “must have” list, and make sure the house they want to see has many of these attributes. It makes no sense to look at house after house which do not meet their criteria. A drive by to check out the exterior of the house and the neighborhood is always a good idea before a showing appointment is made.
The day of the buyer’s market is gone and the seller’s market is here. There is more competition for houses and less inventory, so the days of the lowball offer are pretty much gone. Houses are being sold at market value and the lowball offer on a well-maintained home won’t work. Losing a house you really want because of an extremely low offer can be very discouraging. Multi-offers are common today and most houses, if priced right, are going quickly at or above asking price.
Another misconception a buyer may have is that they can look at houses and then get preapproved, but if they are waiting for a pre-approval from their lender they may lose the house to another offer. It’s best to do all the work for a pre-approval ahead of time. This way they know what they can afford and when they find their dream house, it’s just a matter of calling to get a copy of their written pre-approval to send with the offer. This can be done fairly quickly if they’ve already done all the paperwork ahead of time. Houses are going quickly today and a buyer should be prepared to put an offer in the day of the showing or Open House.
The road to buying a new house can be pretty bumpy but having a realtor in their corner can smooth it out.
Visit www.agentrising.com for more realtor tips and information and all the information to start your course to being a real estate agent.