In every industry, there will always be ups and downs that clients will experience. Unfortunately, in the real estate industry it is accepted as a fact of life that there will be a certain number of homebuyers who will not be able to get the house they've found and would have loved to buy.
There are several reasons this can happen. It is important to understand that buying a home without professional real estate representation in today's world can be risky. Here are 5 reasons why buyers sometimes miss out on a property:
1. Fast-Moving Properties
Desirable homes, which are priced well in a brisk real estate market,often command a great deal of interest from homebuyers. If a buyer lingers in making a decision and doesn't act quickly, someone else can and will buy the house. It is especially true if the home is in a good neighborhood.
2. Discounted Offers
Low-balling an offer for a house already priced well and that is receiving lots of buyer interest, will usually have the buyer losing the house because they were outbid by someone else. Serious homebuyers should aspire to make the most attractive offer they can because if there are multiple offers on the table, you'll only have one chance to give your best offer in hopes that the seller will choose to negotiate with you.
3. Pre-Approved Mortgages
Getting pre-approved by a lender is crucial. Buyers missing this important step in the home buying process, often miss out on the best deal. It is important that prospective home buyers determine how large a mortgage they can qualify for and consider different types of mortgages available as well. It is also recommended that the home buyer get pre-approved prior to beginning their search as there is nothing more disappointing than finding a home that you want to buy but that you can't afford.
4. Resale Value
It is wise to consider the resale value of the house before purchasing or putting in an offer. There are certain features that can hinder a property in marketing such as no garage or a 1 bath home. Cosmetic issues with a house such as peach colored shag carpets or 1980s wallpaper can easily be remedied. But it is costly to overcome the need of an additional bathroom or adding on a garage.
5. Find the Best Realtor
Likely the most important thing some homebuyers fail to do is find the best real estate professional willing to work with them through the homebuying experience and process. Some homebuyers bounce from Realtor to Realtor thinking that they will get ahead of the game and find their ultimate property quicker when in reality, this is not the case as no one is focusing our their needs. It is important to find the best Realtor for you who you can trust and can be comfortable knowing that they will be honest with you in all regards.
An experienced real estate professional will educate their clients about the home buying process and the important issues which require consideration and understanding so that a successful purchase of a first home comes with few road blocks and is an exciting and enjoyable experience. If you would like me to work with you on your real estate journey, do not hesitate to give me a call and we can meet and discuss what your goals are and how we can achieve them.