A house is a big investment, and like any other major purchase, it’s a good idea to explore as many options as possible before you buy. However, what happens when you find your dream home right out of the gate?
When the market gets competitive, buyers don’t always have a lot of time to decide whether they want to place an offer on a home. And, playing it safe can lead to non-buyers remorse – i.e. passing up a great home, later realizing that it may have been the best option for you, and attempting to submit a late offer only to find out that someone else has already scooped it up.
While missing out on a great home certainly isn’t a fun feeling, does that mean you should rush to buy the first home you see? Well, the answer to that question is a little bit more complicated than just a yes or no. Let’s dive deeper.
When Option One is “The One”
Searching for a home can be stressful. After all, it’s where you’ll spend a good portion of your everyday life – you want to make sure it meets your needs both today and tomorrow. When the time comes to explore the market, sorting through the options can be stressful. Even if there are not a ton of properties to choose from, taking the time to carefully consider how each home might suit your family takes energy.
With this in mind, it’s not hard to see why finding the perfect home right out of the gate is so appealing. The allure of ending your search early and not having to worry about sorting through more online listings or attending showings is undeniable. However, it’s important to not let this temptation cloud your judgment.
Planning to buy your first home? Fantastic! Check out these blogs for unique tips that may come in handy.
Potential Pitfalls
While there’s nothing inherently wrong with buying the first home you see, rushing into a purchase will always come with risk. First, not having the opportunity to view comparable homes could make it difficult to determine whether the first home you saw is genuinely the best fit. This can also lead to reduced leverage when negotiating on price.
A home can also have hidden defects that aren’t immediately obvious. If you’re overly eager to buy a property, you could accidentally overlook certain red flags. Lastly, the initial excitement of finding a home quickly can sometimes lead to buyer’s remorse. Down the line, you might start wondering if you made the right choice, especially if you didn’t explore other options.
The Pace of the Market
Finding a home that checks all the boxes is a great feeling, but it doesn’t necessarily mean that your house-hunting journey is wrapping up just yet. In any kind of market, there will be plenty of external factors that can push or pull your purchase in any which direction. However, as a buyer, one thing you’ll want to be prepared for is potential competition.
Depending on how competitive the market is, you may not always be successful in buying your first-choice home. If you’re navigating a really hot seller’s market, for instance, you may end up submitting offers on multiple homes before one is accepted.
Thinking about buying a home in Etobicoke? I’ve got lots of helpful blog posts about just that!
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Having an Expert by Your Side
If you’re looking to find the best home possible for you and your family, working with an expert, i.e. an experienced local real estate agent is a must!
There are countless things to consider before you place an offer on a home, and if you’re not well-versed in the ins and outs of the Etobicoke market, things can get overwhelming in a hurry. Whether you’re interested in the first home you see or the tenth, it’s essential to act strategically while minimizing the potential pitfalls.
Agents live and breathe real estate. When you find a great home and are thinking about making an offer, they can help you decide the right course of action.
Searching for a real estate agent who can help you find the perfect home in any market? I can help! Call or text me at 647-239-7587 or send me an email at melissa@southetobicoke.com to get started.
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