As a real estate broker in Spokane, I’ve noticed that there are a few mistakes that buyers tend to make in this market. One of the most common mistakes is not managing their expectations. With a low inventory market, it can be tough to find the perfect house, so it’s important to remember that you may not get exactly what you want. It’s important to be open to the idea of a “starter home” that you can build upon and improve over time.
Another mistake I see is buyers coming from out of town with out of town lenders. This can be a problem because sellers are more likely to go with an offer from a local lender, as it decreases the risk of the deal falling through. If you’re planning on buying a home in Spokane, it’s a good idea to use a local lender.
It’s also a mistake to try and save money by calling the listing agent directly. In today’s market, with many offers going above asking price, it’s unlikely that you’ll be able to negotiate a discount on commission. Plus, if you deal directly with the listing agent, you’ll be unrepresented in the transaction, which is not a good idea. Instead, it’s best to work with a buyer’s agent who can represent your interests and help you navigate the process.
Another mistake I see is buyers not being prepared to make a strong offer. In a competitive market, it’s important to come in with a strong offer, including a large down payment and a pre-approval from a lender. This shows the seller that you’re serious and that you have the financial means to close the deal.
A fifth mistake is not being flexible on closing dates. In a hot market, sellers may have multiple offers to choose from, and they may be more likely to go with an offer that allows them to close on their preferred timeline. If you’re inflexible on closing dates, it could hurt your chances of getting the house.
Finally, one mistake that buyers tend to make is not doing their due diligence. It’s important to carefully research the neighborhood and the condition of the house before making an offer. This includes getting a home inspection and, if necessary, hiring other professionals to assess the condition of the property. Taking the time to do your due diligence can save you a lot of headaches and financial stress in the long run.
Overall, it’s important to be proactive and prepared when buying a home in Spokane. By avoiding these mistakes and working with a knowledgeable real estate professional, you can increase your chances of finding and closing on the perfect home. If you have any questions about the real estate market in Spokane, don’t hesitate to reach out to me. I’m always happy to help.