THINK LIKE A SELLER, AND CALL A PRO
Buyers of Santa Barbara homes, take note: With more than 30 years in the real estate industry, most of them spent in the top 1% of agents nationwide for Sotheby’s International Realty and Berkshire Hathaway HomeServices, I’ve seen these 5 common mistakes made over and over. The good news is that they can be avoided easily. Here are the 5 most common mistakes I encounter:
1. Making an offer, then requesting credits.
Don’t expect to get the price down after making an offer. The real estate market continues heating up in the marketplace of Santa Barbara homes, where luxury properties are often selling for more than asking price. I’ve seen some buyers win the bidding war by offering more than asking, then trying to negotiate the price down by requesting credits during escrow. What I suggest instead is to simply make your best offer. Don’t assume you can negotiate it down later.
2. Waiting until the last minute to request credits.
There’s no question that a buyer should ask for credits if an inspection reveals the need for costly repairs that were not revealed when you made the original offer. Especially in a buyer’s market, however, don’t assume you can get sellers to cave in to excessive demands at the last minute.
3. Chasing a “deal”
Don’t make a “lowball” offer in the hopes of getting a deal. I’ve seen potential buyers lose out on homes they wanted. It’s my experience that if a home you want is well priced, in a good neighborhood and doesn’t need much work, the best strategy is to make a solid offer and be prepared to go over asking if necessary.
4. Short-sided thinking
Think like a potential seller as well as a buyer. There will most likely come a time when you will want to sell the Santa Barbara home you’re currently buying. The last thing you want is to purchase a home that is hard to sell when that time comes.
5. Trying to do it yourself.
Get real: You can’t buy Santa Barbara homes and get the best deal, competent contract creation, etc. without the expertise of a professional real estate agent. Many tech-savvy buyers think they can buy a home without assistance. This strategy can backfire big time. A knowledgeable agent knows the market better than an uninformed buyer. Just let the experts share their expertise, experience and contacts.
With a little preparation, including finding the right agent, you can avoid these 5 common home buyer mistakes. Give me a call at (805) 886-9378, or email me at Cristal@montecito-estate.com with any questions or concerns. And be sure to check out my extensive portfolio of listings to see what’s on the market today.