MINT HILL, NC – Buying a house is a huge life decision and taking it lightly is never a good idea. The housing market has been red hot and many buyers feel like they could miss out if they wait. However, the fear of missing out found with today’s buyers has led to some regrets.
Many buyers are getting swept up in bidding wars when they could wait to buy. This could lead to paying more than necessary for one of the houses for sale in Mint Hill, NC. Buyers are finding that the hot market is costing them cash and square footage.
In many cases, bidding wars are leading to offers much above the asking price. This means a preapproval letter for $300K doesn’t go as far as it did just a few years ago. Depending on the location, you might end up with a house a few hundred square feet smaller than what this price would have bought you just a few years ago.
Buyers are Getting Swept Up
The problem with such a severe seller’s market is buyers get swept up. It can be exciting to get into a bidding war, but also incredibly frustrating. Maybe you’ve already missed out on a few houses and you feel like you have to buy.
It’s important to be very careful as you might get swept up and end up paying too much for too little of a house. This can lead to regrets. Even though you’re willing to buy now, it’s important to consider if you can wait. Patience is the key if you don’t want to end up with serious regrets.
Sellers are also Swept Up in the Excitement
Some homeowners are thinking about or even deciding to sell right now when they don’t need to. While they might see it as a great opportunity to cash in, you’ll still need a place to live. If you sell your home now, you’ll need to buy a new one. This could lead to overpaying and those gains might not last.
The gains can be used to buy a larger property, but it could still end up not providing many benefits in the long term. A hot market causes many to do things they wouldn’t normally do. Don’t allow the heat of the market to cause you to jump in if it’s not the right time.
Avoid Regret with the Right Advice
Looking at things long-term can help give you the necessary perspective. If you get too swept up in the market, you could make a decision you’ll regret. Have a plan, hire a great Mint Hill real estate agent, and make sure you practice patience.
Having a backup plan is another thing you should think about. If you decide to sell, but you struggle to buy, it’s important to know what you will do. You should also consider what you will do if it takes longer to buy a home than expected.
Trying to time the housing market isn’t a smart idea. It often backfires and ends up causing regrets. Make sure you listen to your agent and ask plenty of questions before you make a huge life-changing decision about your home.
I would love to be part of your journey when the time is right for you. If you ever have a real estate question or need, or know someone who does, trust that you can turn to me. I will help you make the right move! Anna Granger (704) 650-5707 | firstname.lastname@example.org | www.1stchoicepropertiesinc.com