What a crazy world we live in...with the ever changing economy, bank rates and market influences it is no wonder the average consumer is confused by the whole buying a home process. I have come to a wonderful conclusion..knowledge is very important in our industry. if there is one main thing an agent can do..it is take notice of everything that is going on. Are the rates increasing? When are the deadlines..and bidding wars?? What are bidding wars? These so called marketing techniques cause chaos and stress in the world of buyers...imagine..you have been given the go ahead from the bank to go out and look for a house..and there is that sweet little house..the one you can see yourself in for years to come so you make an appointment and rush over to see it. After waiting to view this home you are delighted to find this home is everything you hoped it would be and you tell the agent you want to buy it 'right now'!! only to find out offers would be 'taken' 3 days later. What does that mean?? well your agent kindly explains that you are not the only one looking and in 'fairness'(since when is the world fair) everyone can view the home. when offer day arrives you find that you must write a strong offer, likely over the asking price, put a large amount of money done and cross your fingers that this might be the time your offer is chosen. Trying going through this over and over and over..
Now that doesn't sound so bad..but try being in town for one week...then finding out that offers are not presented until 3 days after you have flown home...this goes out to all my military friends..how unfair is that..5 days to find a house and then after you finally fall in love with one you are not even able to stay to review whether your offer is accepted...now if it is ..that's great..if it isn't what will you do from 2000 miles away. Hopefully the 2nd favorite you looked before has not also been sold...BIDDING WARS..how frustrating!!
Bank rates...another topic that leads to confusion...and stress I might add. If you are heading out to find that home make it a point to visit the bank and lock in a rate..at least that rate is secured for a reasonable length of time. With our ever fluctuating economy..i fear this is the only way to ensure some stability in your decisions. Know what you can afford and what you are really willing to spend. Stick to that philosophy and you will succeed.
Well I have rambled on long enough..at last I feel like I am working in the big city..rush rush rush..I miss the small town life..bidding wars are for the birds!