Despite an ongoing public health crisis and the economic challenges posed by the pandemic, there continues to be a housing boom. Experts attribute this to a combination of historic low mortgage rates, heavy demand and a limited inventory of houses and condominiums.
News sources report that Walworth County real estate prices are up more than 10 percent over last year and that the trend is expected to continue into next year.
Avoid these buying errors
When houses and condos hit today’s market, there are often multiple bids that push the final price above the initial ask. That can mean it’s even more important than usual for prospective buyers to know what they want and to be decisive when they find it.
Let’s look at home-buying mistakes real estate pros say it’s important to avoid:
- Lowball offers on high-end houses: in a red-hot market, it’s more important than ever to avoid making a lowball offer on a high-end house. It’s a sellers’ market, so if you want to be a buyer, avoid offending the owner and missing out on a house you truly want.
- Distracted by flash: many buyers focus on a flashy detail (stainless-steel appliances or granite countertops) and overlook the substance (location, conditions of the roof, heating system, water heater, etc.).
- Forgetting a future sale: experts say that many prospective buyers forget to think ahead to the day they’ll want to sell the house they’re buying. “Most everything can be fixed but location, location, location can’t be fixed,” said a Realtor.
- Passing on now for then: far too often, prospective buyers pass on a great house they see early in their search, thinking they’re likely to find something even better. Problem: when you don’t see anything better later on, that wonderful place has been snatched up by someone else.
- Not listening: if you have doubts about a house, listen to that inner voice and pass. “If you have any doubts, second guesses or are spending more time worrying about some aspect of the purchase, rather than being excited about it, then it’s not the right home for you,” said a Realtor.
An attorney experienced in real estate transactions helps buyers finalize important matters such as closings, financing, real estate contracts, title searches, mortgage histories, zoning and more.