Buyer’s, Don’t Panic

Today’s home buyers are becoming more and more frustrated, especially since the start of the Covid pandemic. They often get caught up in bidding wars when they finally find a home that is suitable. Adding to that stress is that this a decision that can be a life altering event, while also being one of the biggest financial decisions buyers will ever have to make. As difficult as this is, you should try to not allow your emotions to direct your actions. By entering into a competitive situation, and perhaps over paying for a house, buyers may make a mistake that they could regret later on. I have also witnessed buyers remove a home inspection contingence in order to make their offer appear more attractive to the seller. In my opinion this is not a wise option as serious problems may turn up later on, that not only could be serious in nature, but also extremely costly. Once you own a home, in the long term you can generally expect to see growth in the appreciation of the property value. However, should circumstances occur where you would need to sell it, in the short term, you may not be able to recover your investment. All markets go through cycles. This seller’s market will not continue indefinitely, unless you must buy now, perhaps because of a job relocation, I don’t recommend you make any hasty emotional decisions. The stakes are much too high. Plan ahead, and good luck in what ever decision you make.