Avoiding Buyer's Remorse in a Hot Market

Many homebuyers are finding themselves in a bind – they have enough money and are pre-approved for a mortgage, but can they secure a house? The more prepared buyers are for the search, the more comfortable it will be — and be able to secure a home they’ll enjoy,
1. Work with a trusted agent. Using an agent can give buyers an edge because the agent has access to information from the multiple listing service that buyers won’t find online. An agent can also help prospective buyers prepare their strongest offer. Line up your agent at the beginning of your search.
2. Get as far along in the mortgage process as you can and prepare a draft cover letter to the seller so a purchase offer can be prepared quickly. With those issues out of the way, they can focus on choosing the right home.
3. Do significant research before you view homes. Decide what features you want, what they can reasonably expect to get for their budget and what neighborhoods are acceptable.
The market is moving quickly, which requires quick decisions from buyers and often submission of an offer as soon as they see a house they want. The best houses are selling in three to five days, with multiple offers and even bidding wars.
If the buyer has studied the market ahead of time … they will be more confident when they do see something that matches their parameters. Is it the right neighborhood? Is it the right size? Does the layout work for them? Buyers are less likely to make a mistake and to move quickly when they find the right home.

Posted on April 8, 2017 at 10:02 am
Nancy Low | Category: Buyers, News

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