Hello everybody my name is John Malozsak and welcome back to Suburban Snacks. I will also be reacting to our Coconut Love snack!
In this episode, we’ll be going over 6 mistakes that buyers make in a seller’s market. As you know, the real estate industry has been favoring sellers for quite a while. So because of this, we’ll be informing you on what not to do according to an article by Trulia.com.
Number 1, not making your best offer. Simply put, trying to get a deal in a seller’s market is just not going to happen. Especially when houses are getting purchased for over asking price, you’re better off submitting your highest and best offer.
Number 2, over-analyzing the purchase price. You as a buyer need to set qualifications for your new home that way when you find what you’re looking for you can make an offer. If you sit and wait I guarantee you someone else will come along and buy the property.
Number 3, working with an inexperienced agent. Chances are that when you work with an inexperienced agent you may lose out on market insight. If you use an experienced agent, you may get access to upcoming inventory based on the agent’s connections.
Number 4, not being pre-qualified. Some agents may recommend you get pre-qualified before submitting an offer. But it is actually mandatory according to the Arizona Association of Realtors purchase contract section 2a. Line 69. So you as a buyer must submit a pre-qual with your offer.
Number 5, not being prepared for a bidding war. Now more than ever are bidding wars becoming more common. So as a buyer, be aware that this is a possibility and you need to communicate with your agent at all times.
Number 6, not learning from your mistakes. If you are one of the buyers in today’s market who has been declined multiple offers do not get frustrated. Learn what you can from your last offer and move forward knowing that there is a house for you. Have your agent ask the property listing agent why they did not accept your offer and what you can do differently. This will help you strengthen your next offer and inform you on how to structure your offers from that point on.
That’s going to do it for us here at Suburban Snacks. If you have any questions or would like to contact us, feel free to check out our website at suburbanrealestategroup.com. Also, make sure to follow us on Facebook, Instagram and YouTube all at Suburbanrealestategroup. Thanks for watching, my name is John Malozsak and we will see you in the next one!