Six Things Home Buyers Need To Be Aware Of In Todays Market.
But with help from 12 Stones NWA Brokered by eXp Realty Rogers we are here to walk you through them all!
“Let the buyer beware.” This disclaimer serves as a warning to consumers of all kinds of products. It is of utmost importance, however, for buyers in real estate, as there are a number of factors that could turn a property from a dream purchase into a nightmare.
1 Don't settle
If there is one thing that all buyers in the market right now should be wary of,it would be settling. All real estate purchases involve a certain amount of compromise when it comes to a buyer's needs verse wants. However, with the crazy market we have in most cities across Northwest Arkansas right now, many buyers are feeling pressured to move too fast in fear of missing out and end up settling for a lesser home than they set out to buy.
2. Don't Overpay For Your Property
Buyers must be careful not to overpay for their property in a crazy market with very low inventory. Waiving contingencies and not doing a full inspection is asking for trouble and could lead to disappointment in many cases down the line.
3. Cap Your Search A Percentage Under Your Budget.
Because so many homes are receiving multiple offers in this market, think about capping your search 10 to 20% below the top of your budget. That way, you have room to negotiate and beat out the competition. Otherwise, if you find the perfect home at the top of your budget, you may not be able to win when other offers drive the price up.
4. Consider Ramifications Of Waiving Contingencies.
Buyers need to consider the potential ramifications of waiving contingencies up front. In a hot, multiple-offer environment, buyers can be too focused on winning the bidding war at all costs. Contingencies exist for your protection so you can investigate the property and feel good about your decision to buy
5. Don't Waive Inspections
Buyers are waiving inspections in order to get deals won. Inspections are a key part of discovery and can identify many possible costly issues down the road. It’s a sellers' market in most cases, but buyers need to be careful of what they are getting into. We at 12Stones NWA Brokered by eXp Realty will always recommend for our buyers to get a home inspection for their protection.
6. Be Cognizant Of Costs After Purchase
Homeownership is a rewarding and prideful journey with ongoing responsibility and experience. The responsibilities, costs and enjoyment don’t end when you buy the home; it is then when they begin! Buyers need to be conscious and cautious of the likely costs after you purchase. Repairs and renovations always take longer and cost more than you think, and property taxes and materials are subject to inflationary pressures too as we have recently seen in regards to lumber and material prices.