The home buying process moves quickly in a seller’s market with sellers asking top dollar getting multiple offers on their homes and available inventory shrinking. It’s easy for a home buyer to become frustrated. Here are some common mistakes buyers make in a seller’s market.
Not being pre-approved for a mortgage
Mortgage pre-approval is crucial in a seller’s market. It shows sellers that you are serious about purchasing their home.
Waiting too long to make an offer
Be ready. If you wait too long, you’re likely to lose out.
Not making your best offer
To offer lower than the asking price is commonly done, but don’t do it in a seller’s market.
**Not being ready for negotiations or bidding war **
Again, be ready because negotiations and bidding wars are likely to occur in a seller’s market not hiring a realtor. A realtor will offer you advice to save you time, save you stress, and save you money.
Read Also:Â What is a Quitclaim Deed?
Remember, the real estate market is always changing. But regardless of market conditions, a realtor can help you effectively navigate through the process.
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