Real Estate Myths, Truths and Methods in this Market
June 1, 2022 | Anthony Cosenza
There are a number of practices to use in this unique real estate market–which are the most practical?
“Everyone’s got an opinion.” It’s a phrase we’ve heard may times–and often with another not-so-polite second part attached to the end. In this unique real estate market, no one is short on opinions when it comes to buying, selling or leasing these days. But, how can we sort through the real estate myths, truths and best methods in this market?
A couple of recent Realtor.com article shed light on ideas for homebuyers to get a quality home in this aggressive market. While the advice was sage, there are some caveats and disclaimers to take with pieces of advice.
For instance, in the “Five Cutthroat Tactics” article, it notes the option of making an offer “sight unseen”. While there are instances wherein that may make sense, this shouldn’t necessarily be a norm in real estate purchases. Many people uses their senses when making major purchases so being on-site before making an offer should be the preferred method here. As a buyer, being accompanied by an agent at a showing is also a good idea, as a trained professional can spot certain things that aren’t always top-of-mind.
Of course, there are nuances to this method. Sometimes, only one (or none) member of the purchasing party can make an in-person showing. Video chats and “virtual tours” conducted by those who are able to attend and the representing agent have also become useful practices.
In the article titled “7 Bidding War Mistakes made by Buyers”, it talks about being leery of making offers contingency-free. We ascribe to this notion, even in this aggressive market. For one reason, many markets are starting to cool off a little bit, lessening the amount of offers per listing. Another is because of potential future legal entanglements that could center around appraisal contingency waivers.
Recently, we offered up some home purchase suggestions and alternatives to make you an appealing buyer without syphoning off every single protective right when making an offer. As the market continues to shift into a more balanced one, it’s important to keep in close contact with a trusted real estate professional to be up-to-date on the market happenings.
We’d love to be that resource for you at Casa Bella Realty Group, as we can help you sort through the real estate myths, truths and methods in this market.