03 Apr Homes are selling fast, BUT…
The current local real estate market is low on homes for sale, yet there are buyers aplenty. When this happens, there are three issues that ensue. Hiring a trusted real estate team is pertinent in buying/selling your home. In doing so, hopefully you can avoid losing your time and money.
- Buyer/Seller Remorse
Buyers are feeling the crunch to jump on a new home listing because of the lack thereof. This lack of homes for sale is leading buyers to pay over asking price, but more importantly over the appraisal value of the home. Then once they’ve had time to dwell on their quick purchase, remorse sets in. Once this happens, there can be consequences for either the buyer or the seller depending on how both proceed.
- The Buyer
Some buyers feel the pressure to keep the deal and close on a home they don’t really love because they’ve made a commitment and now feel stuck. This can be great for the seller, but not so much for a buyer. This isn’t a new sweater or a pair of sunglasses that you can return once you’ve realized you made a quick decision and they weren’t in your budget or you don’t love as much as you thought. Buying a home is a huge investment for you, your family, and your future. You want to purchase a home that you feel 100% certain is perfect for the current phase of life you’re in and that your budget can afford. Purchasing a new home shouldn’t be a hasty decision made out of the fear you won’t find another. Instead, you should hire a realtor you can trust that will help navigate the current real estate market.
- The Seller
You’d think the seller has an advantage when there is a low inventory of homes on the market, but that isn’t necessarily the case. When buyers are quick to purchase a home, sometimes remorse will set in and this can cause lasting effects for the seller. For instance, when a buyer decides to purchase a home out of haste that another home won’t be available within their price range or location, they start the purchase process. Once they’ve had time to really think about the home and decision they have made, the buyer might realize they no longer want. When the home goes for inspection, they find a way to get out of the deal based on the inspection, even if it only reveals a minor flaw. Because the buyers are desperate to get out of the deal, they aren’t concerned about the negative impact this will have on the seller. Once the public sees a home go “pending” and then fall through because of inspection, a negative light is cast on the home. An experienced real estate agent can help you avoid this type of scenario.
The Linda Rea Team is dedicated to helping you buy/sell your home as quickly as possible, while avoiding the remorse so many have felt. With over 40 years of experience in real estate, we know how to safeguard our clients from the pitfalls of a “quick” sale.