Last issue we looked at setting the record straight on some common Seller beliefs – now it’s time to bust some myths that I’m hearing from Buyers.
Things like:
- “I’m going to wait until rates come down.” Well, you and everybody else! Since the forecast for listings in the foreseeable future isn’t predicting an avalanche, waiting ‘til rates ease will only mean an influx of Buyers, which could mean bidding wars and high prices. You’re better off sucking it up with a higher rate now, and refinancing when rates do come down.
- “I’m only looking at “off-market” properties.” Really?! Good luck with that! Honestly, they don’t exist. And if you do find one, it may very well be at a “make me move” price.
- “I can finally submit a low-ball offer.” Um…that’s generally a NO. While it’s true that higher rates have tempered Buyer activity somewhat, the continued inventory shortage is a counterbalance in our local market. Properties that are properly priced and in good condition are still selling quickly at or over list price, often with multiple offers. The time for a lower offer is when the property has been on the market for more than 30 days.
- “I’ve got time to secure my homeowners insurance.” This used to be true, but not anymore. Most Agreements of Sale offer a contingency that gives you a certain period (usually 10 days) to confirm you’re able to secure homeowners insurance. Elect that contingency and get on it right away. The rules of engagement have changed when obtaining homeowners insurance – it’s more costly than you might think and there are more hoops to jump through than when your dad got his.
It’s a great time to buy a home! The key is working with an agent that has a proven track record of selling homes in YOUR community, regardless of market conditions.
That, of course, would be me. Contact me at 215-801-2019 or Kathleen@KathleenLayton.com and see how to make this market work for you.