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Avoiding Common Home Buying Mistakes in Irvine, CA

5 Common Mistakes Buyers Make in a Hot Market

By , 9:00 am on

Buyers face stiff competition in a seller’s market. Give yourself the best chance of getting your dream home by avoiding these mistakes.

1. Lowballing

Do not, under any circumstances, lowball a seller during a seller’s market. Sellers know their home will sell and will sell for more than whatever you’re offering. They might also be so insulted they don’t come back with a counter. It’s important to make a strong first offer since there is likely to be stiff competition.

2. Waiting

Great homes for sale in Irvine won’t stay on the market for long. Waiting too long to submit your offer might mean you lose out on your dream home. If the home you have your eye on is in your ideal neighborhood, price range, and has most of the must-haves on your list, be prepared to make an offer on the spot.

3. Skipping Prequalification

Getting prequalified before house hunting is essential if you want to be competitive during a seller’s market. This lets sellers know how much money the bank will give you to buy a house. It also says you’re serious about finding a home and doing it quickly. Some sellers won’t even consider offers from buyers who haven’t been prequalified.

4. Forgetting About Bidding Wars

In a seller’s market, inventory is often low and competition high. This can lead to a bidding war for a property and can push the selling price higher than the asking price. Search for homes or condos for sale that are a little less than your max budget so you have wiggle room in the event you enter a bidding war.

5. Trying to Do It Alone

Buying a home, especially if it’s your first one, is hard enough as it is, but a seller’s market it can make it even more challenging. Working with a seasoned real estate agent in Irvine not only helps reduce stress, but they are often privy to listings that haven’t hit the market yet and may have valuable connections with other agents.

Find the help you need to land your dream home by reaching out to Irvine Residential Living at (714) 454-6304 or check out our inventory online!

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