First-time home buyer: 3 Unrealistic Expectations

Dated: November 16 2021

Views: 69

To prevent heartache, I have frank conversations with buyers about 3 unrealistic exectations, and the realities, of the competition it takes to become a home buyer in today’s heated Las Vegas market.

If you're a first-time home buyer, you may need to educated yourself about the realities of the housing market before you fall in love with a home and then quickly lose out to another bid.

Here are  the 3 unrealistic expectations about our real estate market:

1. You’ll pay more than the asking price.

  • Bidding wars have been driving up prices. Even as some signs of cooling appear in the market, buyers in today’s market are less likely to pay less than the asking price, and often they’re still paying more.  Ask If the price of a home looks too good to be true, it probably is. Some seller’s agents are using a bargain basement starting price in the hopes of a bidding war that drives up the price. My buyers will need to be ready with a competitive offer to triumph in buying a home in the current market.

2. "I'll find a mortgage company after I find a home."

  • Successful house hunting today is done at a quick pace. That means lining up everything for financing before you even look. A mortgage preapproval is critical. Your first call when even thinking about maybe purchasing should be to a mortgage lender. A lender will keep and put you in the best position to purchase. Did you know that I will be unable to submit a competitive offer without proof of funds?

3. Your first new home needs to be perfect.

  • Housing inventories are ultra-low. Any home viewed as “perfect” will have many buyers lined up, thus likely instigating a bidding war. My buyers may need to be willing to accept some cosmetic changes or a home farther from their preferred destination. My buyers also can’t expect sellers to fix everything after a home inspection. (In a seller’s market, many sellers have backup offers, including those buyers who may be willing to waive a home inspection.) Expecting a seller in a competitive market to address every item from an inspection report is a delusion that could cost you the house.
Blog author image

Kenneth Manesse

Helping you experience something new in Las Vegas that's guaranteed. Real Estate with less stress!....

Latest Blog Posts

Nevada Post Highest Foreclosure Rates In 2021

The national trend, 3 metropolitan areas with a population greater than 1 million that had at least 500 foreclosure starts in 2021, saw an annual increase. They included Birmingham, Alabama - up 4%;

Read More

Should You Negotiate When buying A Home In A Sellers Market?

Whether you are a first-time homebuyer or a seasoned veteran, the negotiation part of the transaction can be a little daunting and stressful. However, it is necessary to ensure you are getting the

Read More

27.9% of Las Vegas Local Property Sales - CASH

The total number of existing local homes, condos, town homes and other residential properties sold in Southern Nevada during 2021 was 50,010, according to lasvegasrealtor.com That was the first time

Read More

Las Vegas Predictions for 2022 Real Estate

Experts agree that the Las Vegas real estate housing market will continue to favor sellers for some time, possibly for years, but with slower growth in home prices and decelerating inflation. The

Read More