4 Home Buying Mistakes Not To Make In This Hot Housing Market

There is no doubt about it the housing market in the area is a hot one right now. With decreased inventory and increased demand houses are selling quickly. Some would say it's a “seller's market”. So what does that mean for you if you are looking to buy? It means there are 4 buying mistakes that you do not want to make in this hot housing market.

1.Don't act out of fear

It can be disheartening to see a home you would be interested in go under contract before you have even had a chance to view it, but you don't want to act on fear of losing a home and make an impulse decision.

Buying a home is a major decision and should not be made out of fear or out of impulse. Don't buy a home that isn't quite what you are looking for or more than you can afford in fear that you may not find what you are looking for. When you know exactly what you are looking for in a home let your real estate agent know so that they can be on alert and looking for a home that meets your needs. With that being said when a home meets all your needs and is in your price range be ready to act quickly.

2.Don't linger

If a home meets all your needs and price point the last thing you want to see is that home go under contract before you even had a chance to view it. Be ready to view a home that meets all your needs immediately and be pre-approved for a loan before you begin your home search in this hot market.

3.Know your budget

Don't try to determine what you can afford comfortably by trying to ballpark numbers in your head. Buying a home is a major life decision and you want to know exactly what you can comfortably afford. Don't be surprised in today's market when you have to make a quick decision about increasing your price range or what you are offering. You want to know exactly what you can afford. Before you begin viewing homes meet with your financial advisor or a financial planner and get pre-approved for a loan.

4.Don't overpay

It can be easy to get caught up in the bidding wars that go on. If you have been outbid in the past on a home you may be determined to not lose again. However, you don't want to make the mistake of overpaying. Working with a real estate agent familiar with the market is a must as they can assist you in not overbidding on a home. They are familiar with what comparable homes in the area have sold for and will be there to guide you.

There are some great houses hitting the market, but they go fast, so be ready to move fast as well. The Silva Group is comprised of Philadelphia area’s best and brightest in the real estate industry and we are here to help you with all your real estate needs. Contact us today to see how we can help.