Being a buyer in today’s market is pretty tough. Aside from the financial aspect, the emotional can be just as crucial. In additions to ongoing bidding wars and rising prices, interest rates are expected to go up. Alas, homebuyers biggest challenges in today’s market are not limited to the ones mentioned above. Hence many shoppers think this is a bad time to shop. But the truth is, there’s no certainty in tomorrow. Actually, according to recent market stats, it can get tougher.
This is why, buyers need educated smart agents, today like never before. Most buyers do their research online. But we know, that alone is not enough to make better decisions. Especially, when it comes to making what probably is the most important purchase of their life.
WHAT WORRIES HOMEBUYERS MOST WHEN BUYING A HOME?
Evidently, affordability continues to be one of the biggest challenges for homebuyers. It is no surprise, since highest and best offers are requested and deadlines are appointed. Today, buyers have a lot of factors to consider when making an offer on their dream home. The competition is so intense, in spite of being a first-time or experienced buyer. Cash offers vs. financing can play a significant role. But also is, whether the offer is under, full or over asking!
Waiting on buying a home and hoping for the market to change can have dire implications. Yes! Interest rates might not be as low as they used to be, but for now they are still quite low. Even though inventory is limited, and is most likely to remain limited, which means you will have even fewer options to choose from, there is still availability today. This does not necessarily mean that you absolutely have to buy now. But you should consider all the facts and information available and keep trying to move forward instead of waiting.
RESOLVING HOMEBUYERS BIGGEST CHALLENGES
The buyer’s agent job is to help buyers understand the current real estate market. Keep them up to date, educate them on actual facts and help them explore their options. Then buyers can face the challenges with knowledge and confidence not fear. Buyers are depending on agents to make their home buying decisions. Although this places greater sense of responsibility, it will encourage a feeling of pride in accomplishment and fulfillment.
Fortunately, with the help of a professional real estate expert, you would be more than equipped for the task. If you are an agent or a homebuyer, I have some tips for you to help you get your offer accepted here.