The housing market is quite tight right now in so many areas of the country, and it is definitely a seller’s market. Lower interest rates are also attracting those who would rather build up some equity than see their money paid out in rent.
With all that being said, however, just how many concessions are prospective buyers willing to make? As it turns out, some are making plenty. Foregoing pre-purchase inspections, buying sight unseen and making offers that can be as much as 100K more than the asking price all sound like crazy moves. Yet many buyers are doing that and more to secure a piece of real estate right now.
Should you really leap before you look?
Understand it’s all right to wait out this bubble
Some moves have an urgency about them, so the buyers choose to overlook some of the more traditional steps in the home-purchase process. But if you have the luxury of time on your side — at least for the short-term — you may decide that it is better to delay the purchase of a new home right now.
This might be an inevitable conclusion anyway if you find yourself bidding against all-cash offers. It helps to understand that the volatile market we are now experiencing will again change. It’s often a good idea to just ride out present trends and wait until a better opportunity presents itself.
Learn more about the process
The more you understand about the home-buying process, the better poised you will be to make the best decisions for your future. Experienced legal guidance can help you avoid big mistakes and spot potential problems.