5 common homebuyer mistakes to avoid

With more than 20 years in the real estate industry, most rated in the top 1% of Sotheby’s International Realty® nationwide, I’ve seen these 5 common homebuyer mistakes made over and over. The good news is that they can be easily avoided easily. Here are the 5 most common mistakes:
1) Don’t expect to get the price down after making an offer. The real estate market continues heating up across the country, especially in the state of California where luxury homes are selling for more than asking price. I’ve seen some buyers win the bidding war by offering more than asking then try to negotiate the price down by requesting credits during escrow. What I suggest instead is to simply make your best offer, and don’t assume you can negotiate it down later.
2) Don’t wait until the last minute to ask for credits. There’s no question that a buyer should ask for credits if an inspection illuminates costly repairs that were not revealed when you made the original offer. However, especially in a buyer’s market like we have here in Santa Barbara, don’t assume you can get sellers to cave in to excessive demands at the last minute.
3) Don’t chase a deal at all costs. Don’t make a “lowball” offer in the hopes of getting a “deal.” I’ve seen potential buyers lose out on homes they wanted. It is my experience that if a home you want is well priced, in a good neighborhood and doesn’t need much work, the best strategy is to make a solid offer and be prepared to go over asking if necessary.
4) Get real: You can’t do it all yourself. Many tech-savvy buyers think they can buy a home without the help of a professional real estate agent. This strategy can backfire big time, as a savvy agent knows about the market better than an uninformed buyer. Just let the experts share their expertise, experience and contacts.
5) Think like a potential seller as well as a buyer. There will most likely come a time where you will want to sell the home you are currently buying. The last thing you want is to purchase a home that is hard to sell when that time comes.
With a little preparation, including finding the right agent, you can avoid these 5 common homebuyer mistakes. Please give me a call at 805.886.9378 or email me at Cristal@montecito-estate.com with any questions or comments. And be sure to check out my website to see what’s on the market today.