Buying In A Hot Market
House-hunting is hard to time perfectly, and sometimes it’s almost impossible to avoid buying a house in a hot market. Don’t let the fear of tough competition send you into a panic, especially when you have the Platinum Group, REALTORS on your side. There are many traps in a hot real estate market and the best real estate agents in Colorado Springs are here to expose some of those traps. Hopefully, you will be able to avoid them and save some money as well.
The only thing that’s worse than seeing great properties come and go before you can take a look at them, is seeing them placed under contract before you are able to make an offer. If you’re serious about buying a house, it’s a good idea to make sure your paperwork is up to date before you walk into an open house. You should also make sure your loan approval hasn’t expired so you’re in a position to make an offer that day.
Acting out of Desperation
It’s hard not to be let down when a home you like goes from “new” to “pending” before you’ve even had the chance to look at it. While the market quickly changes, desperation has no place in the home buying process. Once desperation sets in, you risk making an impulsive and unwise decision, such as talking yourself into a home that isn’t exactly what you want or a home that is out of your price range. Even if you can’t or don’t want to make an offer, every home you research and look at will help give you better insight into the home-buying process and it allows you to refine exactly what you are wanting in your house.
Ignoring the Market
It’s nearly impossible to time the market and to make your real estate decisions based on the current trends. Sometimes this is achievable, but you shouldn’t base your decision solely on this. A better plan is to make your buying decisions based on what’s happening in your career, your family and of course your life. It’s also important to look towards to future. You should ask your real estate agent to help you pay attention to neighborhood-specific information, such as which types of properties move quickly, how many days they generally stay on the market, whether a home is likely to get multiple offers, etc. You can then use the information to make strategic decisions, covering everything from which area(s) you’ll focus on and how quickly you’ll need to visit those listings.
Not Understanding Their Budget
Don’t run the numbers in your head. Don’t make any estimates on your current income, bills, and loan payments. From a financial standpoint, home buying is the big league, so you need to be absolutely sure with what you can afford. If the market is hot, you may be faced with decisions about whether you should increase an offer on a house or even increase your budget. If you’re unsure and need help, you should bring your tax advisor or financial planner into the equation. It’s better to be safe than sorry, especially with such a big financial decision.
When a market is hot, there can be multiple offers on the same home, and this can easily turn into a bidding war. If you’ve been in a situation where a house has been pulled out from under you in a bidding war, you may be tempted to pay more than you budgeted for. This is not a good idea. To avoid overpaying for a home, especially if it’s in a bidding war, you should make sure you go through comparable homes with your agent. Who knows, you might even find a home you like better.
The Platinum Group, REALTORS is here to help you find your dream home. Sometimes buying a house in a hot market is unavoidable, which is why it’s important to know what traps to avoid. If you are on the search for a new home in Colorado Springs, contact The Platinum Group, REALTORS. When you hire an agent from the best team of REALTORS in Colorado Springs, you know they will be with you every step of the way. Visit our website to learn more www.PlatinumHomeSales.com.
The Platinum Group, Realtors The First Choice in Real Estate
Visit our website: www.PlatinumHomeSales.com
6760 Corporate Drive, Ste 300
Colorado Springs, CO 80906