A first-time home buyer may need to be educated about the realities of the housing market before they fall in love with a home and then quickly lose out to another bid. To prevent heartache, real estate professionals can have frank conversations with their buyers about the realities of the competition and the amount of money it takes to become a home buyer in today’s heated market.
No home will be perfect.
Housing inventories are ultra-low. Any home viewed as “perfect” will have many buyers lined up, thus likely instigating a bidding war. Buyers may need to be willing to accept some cosmetic changes or a home farther from their preferred destination, realtor.com® says.
Buyers also can’t expect sellers to fix everything after a home inspection. In a seller’s market, many sellers have backup offers, including those buyers who may be willing to waive a home inspection. “Expecting a seller in a competitive market to address every line item [from an inspection report] is a delusion that could cost you the house,” realtor.com® says.