I work and speak to many buyers on a day to day basis whom are very frustrated and unhappy about not being able to find a home at a price that they believe is fair. For some reason, they seem to keep thinking prices will go down or won’t buy unless they get a “deal”. Unfortunately those expectations are unrealistic and the reason why these type of buyers are still renting or living in a home that they really want to sell!
What’s my suggestion: stop finding excuses to justify why you aren’t pulling the trigger! The market is still showing stability and growth, interest rates are low and year to year sales continue to rise… so do you still think you’re going to get a house under market value? Fat chance! Let go of your fears and realize that the type of market we are in now is very cut throat.
Due to the factors I mentioned above, many buyers are competing for the same home willing to forego conducting a home inspection, waiving financing conditions, placing big deposits or anything that will squeak out an advantage over their rival buyer. Although many think this is crazy, it’s what sometimes needs to happen in order purchase a property; more so if the property is hot!
If we follow statistics (and in real estate we usually do!) the property that you buy today should get you a healthy return in just a year’s time, so the same way you may have to pay on the high side to purchase someone will also have to pay on the high side to purchase your property too!
In short, trust your realtor and have him do his homework, check the comparable in the area and on your end make sure have your pre-approval ready. This will help you compete!
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