While it is true buyers are seeing less competition in this market, there are still “gotcha” moments to watch for:
Don’t take unnecessary risks: go through the inspection reports carefully to analyze the quality of the report (maybe even the inspector). Smaller gains on the listing side might result in cost saving measures that may affect the quality of listings. If there are gaps or holes in your understanding, leverage your agent’s network to get more info or hold on to your inspection contingency.
Appraisals will adjust: while we had months of record high spring sales, the current comps will start to adjust for the market slowdown. Ask your agent to explain how an appraiser might interpret more recent sales comps.
Not all homes take price reductions: the completely tricked out homes in a good location will still garner a lot of interest and attract multiple offers. Looking for a “deal”? Find homes that are sitting on the market for more than 14 days. You will have more leverage and your agent can help you figure out how to save you money (i.e. buyer credits, seller financing, home warranties, etc.)
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DRE: 02106847
Keller Williams Luxury International
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