Metro Detroit Lender Explains Mistakes When Buying in a Sellers Market
If you’ve been following the real estate market, you know that 2021 is proving to be another sellers market. But buyers, don’t despair. Although it may be challenging, it’s still possible to buy a home in the current climate. However, you’ll need to be on top of your game to compete with other buyers. Here are three common mistakes you should avoid.
Being Unreachable
When searching for a home in a sellers market, you almost need to have an “on call” mindset. Your real estate agent may know of a home that’s perfect for you and is minutes away from being listed. If they try to contact you, that’s not an email or phone call to put off until later or after you get home from your day. Homes are selling in days, if not hours after being listed so be ready to pounce and make an offer.
Waiting To Make An Offer
Being available and “on call” sometimes means not seeing the property for yourself before making an offer. Yikes! It sounds crazy but it’s more common than you think! Remember houses are selling in a blink of an eye so as a buyer you will need to be more aggressive. Use every opportunity to your advantage including the timing of your offer.
Your real estate agent can still visit the property before you make an offer. They can take photos, videos, or FaceTime you for a personal walkthrough.
Overspending
Even with interest rates are on the rise, they are still relatively low, which means Metro Detroiters can get more house for their money. This is great news for buyers as it helps offset the rising home prices.
However, it’s still important stay within your budget- even if you’re frustrated from having previous offers overlooked. Talk to your mortgage lender about ways to ensure that you don’t overspend, and work with a professional real estate agent that will help you find the features you are looking for in a home while staying in your price range. You will thank yourself later when you’re not overextended financially each month.
More Homebuyer Tips: Metro Detroit Home Lender Lists Things to Avoid After Applying for a Loan
About Metro Detroit Mortgage Lender, Julie Krumholz
Julie Krumholz, is an Metro Detroit lender at Superior National Bank. With over 35 years in the mortgage industry, Julie’s goal is to provide the best possible mortgage experience and the most competitive rates. Julie has vast experience in FHA loans, VA Loans, USDA loans, portfolio loans, MSHDA loans and more.
