Common Buyer Mistakes To Avoid In A Seller’s Market!

For the past couple years, it is the same story from buyers trying to purchase a home for sale in Lynden, WA. Prices are on the rise and inventory is frustratingly low.  Hunting for a home for sale in Lynden, WA is hard to time which means you might not be able to avoid purchasing in a seller’s market. However, there are things you can avoid which in turn, help you increase your chances of getting that Lynden, WA home for sale. First things first, the most important aspect is aligning yourself with a Lynden, WA realtor.

  1. Don’t make a decision based on desperation. Trust me, I have seen plenty of buyers get frustrated with the lack of inventory as well as the pricing on current homes for sale in Lynden, WA. I get how tough it is to find a property go from being brand new to “Pending” quicker then you can schedule an appointment to tour. However, don’t let the desperation to find a home or lock in a mortgage rate force you to make a knee jerk reaction. At the end of the day, you have to remind yourself that purchasing Lynden, WA real estate is still an investment. So don’t talk yourself into a home that just doesn’t fit. Whether it be the wrong location, too small, too big or out of your budget. Think of this as a business transaction. While Lynden, WA real estate is really about relationships and community at its core (at least for us Lynden, WA realtors), you are still making a purchase and the person on the other end is making money. You can’t return it the next day when you realize it doesn’t fit. Stay patient.

    2. Don’t wait. This may seem a little conflicting compared to the last paragraph. However, if you see a home you like or fits your needs, don’t dilly dally and miss out. In a seller’s market, a hot home will get an offer quickly. If you are on vacation or busy with work, your Lynden, WA realtor can go preview the home for you to see if it fits your needs as well as take a video as they walk through. However, if you are perfectly capable of going and viewing the Lynden, WA, home for sale, get in the car and go! And make sure your loan paperwork is up to date and approved so you can make an offer with confidence as soon as possible.

    3. Don’t ignore the market. You cannot, no matter how hard you try, time the market with your needs based on the trends, past, present and future. Think about what is happening in your life currently (whether that is growing a family, becoming an empty nester, moving out of state, etc.) and base your decisions on that. Your realtor in Lynden, WA will be able to give you neighborhood specific info that can help you strategize and focus on the areas you want to live in, how much you want to spend and more.

    4. Don’t underestimate your budget. Have a professional run the numbers for you. You may think you can afford a certain amount, but your loan approval may tell you differently. Add in taxes, insurance, possible HOA fees and you could be disregarding another chunk of money you’ll have to factor in. Which means you might be wasting your time looking at Lynden, WA homes for sale you THINK you can afford, and can’t. What is the harm in window shopping? A couple of things. 1.) You aren’t just wasting your time but the seller’s and your realtor in Lynden, WA. 2.) You could get attached to homes and then be disappointed when you see the homes within your budget.

    5. Don’t overpay. Speaking of budgets, over extending yourself financially is tempting. Especially if you find yourself in a bidding war. No one wants to lose, especially when you finally find that Lynden, WA real estate you have been dreaming about. But even if you “win” the offer, you could feel the financial pressure for years to come. If you have some wiggle room with your budget and can afford to add in extra to get your offer accepted, by all means, go for it. However, if this means your going to be stuck to a strict budget that affects your quality of life later on, keep moving. Likely, your realtor in Lynden, WA will be guiding you through this process and you will know what is a fair offer price based on local comps. If you want a little more info, ask them to pull the current actives and pendings. This can give you more insight on the market. Not to mention, a comparable property might pop up and you want to put an offer in without over extending yourself or dealing with the head ache of a bidding war.

     

    For more information on real estate in Lynden, WA, feel free to reach out. I would be happy to guide you on the process of buying or selling in this area!

Posted on October 25, 2017 at 5:01 pm
Karen Timmer | Category: Uncategorized

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