DEAL KILLERS IN TODAY’S FAST PACED MARKET

One of the most challenging aspects of being a realtor is recognizing and adapting to market changes.  Some come on suddenly like the crash of 2008, some need quick adaptation like the aftermath of Sandy in 2012, and some like this current market were building up and have reached a “tipping point” where past seller and buyer expectations need to adapt and change quickly.

We’ve been talking about the low inventory levels for well over a year. It is clear now, that there is a major shift in how buyer, sellers and realtors do business.  Buyers must learned how to navigate in this “low supply: high demand” real estate market. This column is focused on “deal killer” for buyers and what they should do or not do to win.

 Deal Killer #1: Cold Feet or Indecisiveness

It’s human nature to be cautious and feel that even though you “love” the house, there might be a better one around the corner.  In this market, you can almost be sure that that is not the case! If you have been pre-shopping on the internet, you know what’s available.  Right now, more homes are being sold and coming off the market than are coming on the market.  If you let it go, if you are indecisive, another buyer will snap it up and you will be regretting “the one that got away” for years to come!  Do your home work, be sure of your finances and don’t hesitate if it’s right for you.

Deal Killer #2: Offers based on Incomplete or Incorrect Information

Often past purchase price , or perhaps the “Zestimate” of a home doesn’t take into consideration improvements, the unique location, like direct waterfront versus across from waterfront, and the current market.  Understanding the history of a home is helpful, but use it as input. Too much focus on past, or comps without detailed knowledge, and making an offer that doesn’t take the market into consideration is a sure way to lose a property and lose the interest of the seller.  Realtors are ethically required to give honest and well supported comparatives when we come up with pricing recommendations.  You have to be able to trust your realtor. If you don’t, get another one. But in this fast-paced market, use the advice of a professional to come up with an offering price.

Deal Killer #3: Buyer’s Remorse

You have a deal, and the next day you want to withdraw, because you fear you may have made a mistake.  Let go of the emotion, and review all the reasons you decided to buy the house including the finances.  You should be preapproved, so your finances have been reviewed by a bank.  If you have concerns about the house, call your realtor and go back to the house if necessary.  But before you walk away, do your due diligence to be sure that this is or isn’t the right move.  A kneejerk reaction, could cost you the house of your dreams.

Call us at Beninati Associates, we’ll help you through the process so when you make that offer, you will feel that you have done you due diligence and can rest easy that all the bases are covered.  We don’t believe in hard selling, we believe in supportive selling,  we believe in giving informed and honest information and support. Call us 631 765 5333, or email me at Marie@BeninatiAssociates.com.

Looking to Buy or Sell your Home? Call us at 631-765-5333, or visit us on our website: beninatiassociates.com.  We listen, we care…….and we get results!