Obsolete information buyers should forget

Some people who have gone through the home-buying process will often love to give advice – however their so-called insider tips could possibly be outdated. Realtor.com recently highlighted a few of the common information things home-buyers hear from their peers that do not apply in the current housing market.

Obsolete information buyers should forget

Hold out for spring

Buyers shouldn’t feel as if they have an advantage if they wait for the busiest season in real estate – it may possibly be the opposite, real estate pros say. “Yes, there’s more inventory [in the spring], but there’s more competition for it, and sellers are more optimistic about getting a higher price then and so less willing to negotiate,” Sebastian “Seb” Frey, a real estate broker in the Silicon Valley area, told realtor.com. “Buy when you find the right property that will meet your needs for today – and the next five to 10 years.”

Hold out for home prices to come down

Some aspiring buyers could be waiting around for home prices to “settle” before they jump in. However they can’t forget that rents could be high as well. “Paying high rent now and hoping that you’ll find a better deal two or three years down the road [won’t work],” Frey says. “The better advice is to make a smart buy today for a property that will appreciate over the longer term.”

Make a lower offer so you will have room to negotiate

Some buyers could possibly be told to make an offer that’s lower than what they are actually prepared to pay for a home. Then they will have room to negotiate. However, that tactic may work at some points in a normal real estate cycle – but not at the point the market is in now.

“The housing market in 2019 will be slightly different from what we experienced in 2018 when it comes to pricing and negotiations,” says Howard Margolis, an associate real estate broker with Douglas Elliman in New York. “In regards to negotiations, what was once the premise of offering 10 percent to 15 percent below asking is not necessarily the case anymore, and it’s a strategy I would not recommend. In today’s market, a truly motivated seller is less inclined to engage in the back-and-forth of a real estate transaction, and listings are priced closer to the final sales price.”

Instead, home buyers are urged to base their offer on sales of comparable sales in the vicinity.

Ready to find your new home here in the Tampa Bay and Surrounding Areas? Nick, Cindy & Nicholas Davis with RE/MAX Premier Group are here to assist you with all your Real Estate Needs. We are always available at 813-300-7116 to answer your questions or you can simply click here and we will be in touch with you shortly.

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