As we’ve chronicled on several occasions, housing is coming back, and now that the market is improving, many features of the post-boom market no longer apply.
Here are five of the most common remnants of the past housing market that you and your homebuyers should deftly avoid.
- Low-ball offers – we love real estate deals as much as the next buyer, but the days of hugely discounted sales are dwindling; sellers know the market is more competitive, and they’re likely to scoff at an offensively-low offer and see the next available buyer instead.
- Sleeping on it – this used to be a great strategy, holding out and seeing where a home’s value fell. Problem is, not only is demand rising for homes, but so are multiple offer situations, so dilly-dallying is no longer feasible.
- Unnecessary contingencies – make sure the buyer is fair with his or her contingencies; no extended inspection periods, no specific walk-throughs. These are demands they can no longer make.
- No pre-approval – this one may seem really simple, but don’t forget that just five years ago, pre-approval seemed to have gone the way of the dinosaurs; make sure buyers are aware that it’s returned with a vengeance.
- Not making a personal impression – again, commonsense stuff, but very valuable to keep in mind. When a sellers are fielding multiple offers, they’ll often go with the buyer they connected with the best, so make a good impression!
Those are five we came up with, but they are by no means all-encompassing; what strategies have you found no longer work in today’s market?