a home can be a stressful time - or it can be an informative and
fun experience! Learning from other buyers' mistakes will
help make the difference for you. Here are
some common mistakes that buyers make:
Not working with a Realtor®
to 1991, under the guidelines of the Real Estate and Business
Brokers Act, all Real Estate agents had to work for Sellers,
even if they were helping Buyers to find a home. Thankfully, now a Buyer can choose to have a Realtor®
represent them and work on their behalf. Buyers can now
receive the same legal relationship that Sellers have had for
nearly 100 years. A Buyer who understands their options will
typically want to connect with their Real Estate
Representative early in the transaction in order to avoid
potential conflicts of interest by calling various agents
whose name is on the "for sale" sign. A skilled
Buyer Rep will add tremendous value to the Buyer
throughout the whole transaction, from start to completion.
of how large an investment this is for you- shouldn’t you use the
right Realtor® to guide you through successfully?
Believing that buying a "for sale by owner home" without
an agent will save you money.
who are selling their own home generally do so for several
reasons: to save on the commission costs; so as not to have
to disclose flaws/ problems with the home; or because they have
had several agents in to give them a market value but find them
all too low, because the seller feels that their home is worth
more. While in every home you purchase, there will be a few
"surprises" you can minimize your risk by having
the guidance and assistance of your Buyer Representative, who
knows the market, knows when you are paying too much and can
protect your interests throughout the process.
getting a home inspection
cost of a home inspection will well worth the invaluable
information you will obtain as part of your pre- purchase
inspection. Not only will the inspector look for flaws within the
home, he/ she will also give you tips on maintaining the home over
the next few years. While your agent will look for visible
problems during the search for a home for you, the home inspector
is the expert, and will check all of the major home systems,
saving you time and money later on. Even if you are buying a
home that is newly constructed- having a home inspection done
as soon as you move in is the absolute best money you will spend!
home inspection is always money well spent.
you can find your home through the internet alone
you have the "moving" bug, you will find you want to
look at homes on the internet all day long! And certainly you
can rule out many homes this way- check the room sizes, if the
bedroom you have now is too small, you may want to eliminate
homes with bedroom sizes that are not big enough. But remember
that pictures sometimes do not do justice to the "real
thing" and room configurations aren't noted on a listing.
Many times there are no yard photos- and we all know you can
change the house but not the location- perhaps you are
missing out on something that could be wonderful! As well,
when properties are listed on the Multiple Listing service,( mls)® all
Realtors® have access to the listing immediately. The
public will not see the new listing for a day or two- and in
that time, a savvy Realtor® will have notified his/ her
clients and made appointments for them to view it. Do you
want to take that chance?
Letting emotions get in the way of success
all know that the buying of a home is an emotional experience.
Even those who purchase investment properties can get caught up in
wanting to purchase a particular place. We
want to fall in love with a home, to have that
"feeling" that tells us "this is the one"!
We know first hand that that can happen, more often than not. We
have seen people walk into the first home of the day and tell us
"cancel everything else, this is it"!
We have also shown dozens of homes before someone found
what they were looking for. And we have seen buyers who wanted to
rush to an offer on a property, but we have suggested waiting for
another, because of certain factors that we have known would be
detrimental to them. When
a market is hot, “sleeping on it” may lose an opportunity to
be the only offer, or worse yet, to have the property sold
overnight. And then
there are times when a buyer may have a price in line and not be
willing to come up an extra $500/ !000. We will always try to get
you the best price! But
sometimes the sellers just will not come down as much as we would
like. When you realize
’s prices do not rise and fall like other major cities in
, spending an extra thousand or so when interest rates are so low-
comes to pennies a day. Chances
are if you stay in your home for several years, the home will
increase in value, and that thousand dollars will be long
spending an extra $5000. over 25 years, with a rate of 4%
equals an extra $26.31/ month
or an extra $13. every 2 weeks! For the home that you want,
it may be well worth it!
Bargain shopping - a Deal or a Steal?
a buyer, we understand that everyone wants to find a bargain. It
used to be that that meant finding a Power of
/ Repossessed home. But since lending institutions are legislated
to try to get market value for any properties they take over and
sell, there are few real bargains out there. We have seen many
foreclosure properties sell for well over asking!
Every once in a while, though, we will see a property
listed that is a great value- perhaps the sellers just want to
have the home sold quickly, perhaps the listing salesperson was
trying to invite multiple offers by listing low, or perhaps the
home really needs a lot of work and the price reflects it.
through a listing can tell a lot. If there are no “wow” or
“renovated” words, the property probably has not been updated.
One that says it “needs your touch” generally means it needs a
lot more than that.
wants to add their own personal touch to a cracked
we offer a price on a home, we will take into consideration
other comparable sales, market trends, and market value.
At times we need to put ourselves in the seller’s shoes.
If the property were reasonably priced and an offer were to come
in at $30,000. less than the listed price, sellers generally are
offended. They feel
the buyer is not being serious, they’re just trying to
“steal” the home. Sellers
oftentimes then will not come up as much as they might have, and
the buyer loses out. A
seller wants to sell- but to someone who they feel will want and
love their home. When
we come in at a reasonable price and then negotiate from there, a
buyer is more likely to get better terms and a better price.
best advice? Let our
experience work for you. As a buyer representative we can
understand your needs and will work towards your goals and your