It’s peak home-buying season across the country. Before you get bogged down by the tumultuous road of never-ending open houses, be prepared for the emotional draw that real estate holds, especially if you’ve never gone through it before.
A home represents several things – where you live and where you raise your family, and where you celebrate the milestones in your life. Perspective home buyers need someone in their corner who can counsel them and help them choose a smart investment, not an emotional one.
Falling hard for a dream house can make just about anyone willing to pay up, but first-time buyers are particularly susceptible, according to a NerdWallet survey: 56 percent of first-time buyers offered more than the asking price, and 35 percent of other homebuyers did so.
Love-struck buyers sometimes overlook key factors in their rush to make an offer, and those details can end up hurting them down the road. Emotionally motivated buyers will happily take the maximum dollar amount their lender offers, but just because a lender will fork over the dough, does not mean you should take it.
Keep in mind there are plenty of costs associated with buying a home besides the mortgage payment. There are costs for repairing, maintaining and updating your property, and possibly HOA fees to consider.
“It’s also important to note that paying too much for a house now, can create problems for you later when you are ready to sell,” Bobbi Price with The Platinum Group, REALTORS® said. “Asking your realtor to run a market analysis on the home you are planning on offering on can help put pricing into prospective.”
Don’t get hung up holding out for the perfect home either.
Every market has up and downs, but some buyers convince themselves there’s a better deal just around the corner. While it’s true prices could drop and mortgage rates could decline, right now is not the best time to resist a smart deal in case another might present itself.
The best approach is to be smart, do your homework, know the value of the area and the home you are considering, and heed the advice of your realtor.
Don’t convince yourself it’s ok to make a low-ball offer.
All homebuyers want the lowest possible price, but there’s a difference between negotiating and lowballing. Not only do lowball offers run the risk of being rejected, they can also lengthen the purchase process and annoy the sellers, which can lead to losing out on the property altogether.
Spring home-buying season has its pros and cons, but by preparing for them you’ll be in a much better position to clinch your dream home. And, if you don’t manage to buy a house this spring, summer is still a great time to buy a house, too.
To be better prepared for your home purchase, it pays to do everything right from the beginning. A professional realtor can identify and navigate issues and help save you money in the long run.
The number one independent real estate firm in Colorado Springs brings together the top realtors with the best tools and resources to provide home buyers and sellers with platinum service and platinum results. With over 80 percent of their business coming from referrals, The Platinum Group, REALTORS® deliver top quality customer service the utmost honesty, integrity and attention.