Buyer Disappointment: Here are the Worst Reasons Not to Make an Offer on a Home
Yes, it’s a competitive world out there if you’re a homebuyer. But you can’t win if you don’t get in the game.
That’s not to say every house you look at is going to be worth making an offer. There are plenty of very legitimate reasons for not making an offer, such as serious structural issues or a price that is way over budget, to name but a few.
But, let’s face it. Sometimes, buyers mistake trivial concerns for real problems, and in the process, they put roadblocks up to homeownership that shouldn’t be there.
Here are some of the worst reasons buyers have for not making an offer on a home:
Someone else doesn’t like it
Be it a trusted friend or family member, there’s bound to be a naysayer when it comes to the home you saw as your dream home. If they have a valid concern, then yes, their advice could be invaluable. But, if they are nitpicking over cosmetic items or things that really don’t bother you, thank them for their advice and then make the offer. You’re the one living in the house and paying the mortgage.
Because they don’t like the…
Whether it’s the paint color in the owner’s suite or the carpet in the guest room or even the color of the kitchen cabinets, don’t get hung up on things you can fix. If everything else about the home checks all your boxes, you can make whatever cosmetic change needs to be done. Don’t miss out on your dream home when you can easily make a cosmetic fix.
The price is higher than the Zestimate
OK, let’s be clear: “zestimate” isn’t even a word. In all seriousness, as your agent, I can provide you with a meaningful market value estimate for the home you’re interested in. Rather than relying on some computer algorithm, rely on my knowledge as neighborhood expert.
Because they think interest rates will fall even further
You can lose out on a lot of great homes—and miss out on some amazing interest rates—just because you think rates are going to get even lower. Keep this in mind: those who spend their days predicting such things are signaling rates will more likely edge upward. Which begs the question, what are you really waiting for?
Waiting to see if the price will come down
Hesitating, especially in today’s market, is likely to result in someone else buying the home. Even if a house you like is overpriced, make an offer and negotiate, rather than thinking you can wait till the price drops.
Because they think they will lose in a multi-offer situation
Let’s face it, with inventories as tight as they’ve been, multi-offer situations continue to be the norm and not the exception. But how are you ever going to be the prevailing bid if you don’t even try? You can’t win if you’re not even in the game. Even if you learn there are already offers on the table, don’t be afraid to take your best shot.
Because they are waiting for the “right time” to buy
The “perfect” time to buy a home is when you want or need to move. Period. Timing your purchase when everything—interest rate, the economy, your job and income, etc.—is perfect is nearly impossible. Rather than trying to figure where all kinds of factors are headed, make your move when it’s the right time for you, personally, then enjoy any bonus—like low interest rates—as icing on the cake.
Buying a home can be a nail-biting experience. But, once you find a home that meets your needs, it’s important not to let unfounded fears, opinion and misinformation get in the way of making an offer.