Buying or selling your home is a major step. With such a monumental life decision, apprehensions abound for both home buyers and sellers when entering the market. Although there is a lot of excitement during the process, there are also areas of concern for buyers and sellers. Here are the top 5 home buyer fears and top 5 home seller fears that enter in to every real estate transaction.
Home Buyer Fears
Buyers worry about getting a home for a fair price. They worry about buying a home too quickly when they could have gotten it for a lower price. On the flip side, they worry about waiting too long and missing out on the house.
Buyers always risk the chance of purchasing a home and finding hidden issues that will end up costing them more money. It is always important to get a home inspection done. But, what if this unearths issues in your dream home? Or, the problems found could need more work than initially thought.
You should always scope out a neighborhood before purchasing a home, but there are some issues in the neighborhood that you might not notice during the showing. It is hard to know what the neighbors are actually like before moving in and being in the home everyday.
Changing Interest Rates
In today’s market, the interest rates are fluctuating. They can change within the hour or the day from the last time checked. This means that buyers could suddenly be faced with higher interest rates before finally finding their home.
Making a home purchase is a major life decision. There will always be some doubt that comes into it when you are ready to buy a home. It is easy to only see the best in the home when you initially look at, causing you to lose the ability to objectively see how the home will truly work for you and your family’s needs when you move in.
Home Seller Fears
Sellers are also worried about price. Just like buyers fear paying too much, sellers often worry whether they could have gotten a higher price when they accept an offer. This happens especially when the home sells quickly.
Sellers have many concerns offer how their home will do in the market. Will it sit on the market for an extended period of time? Will it not sell for the asking price? Will there not be many offers?
Even when you have an offer, there are concerns that something might come up on the buyer’s side to make the deal not go through. Sellers are ready to move on to their next property and any buyer issues could hinder that process.
Regardless of how well you have taken care of your home, an inspection always uncovers something. This is nerve wrecking for sellers, especially if it is a large issue that could cause a buyer to back out of an offer.
If you have a lot of showings, but aren’t seeing the same amount of offers coming in, this can be a cause of concern for home sellers. There are a lot of factors that could be coming into play, such as the competition on the market. There is also the fear that the offer you do finally receive might be lower than anticipated.
These buyer and seller fears are normal when entering the real estate market. The best way to diminish your fears and ensure that you are getting the best deal possible, whether a buyer or seller……..Work with an Experienced Realtor!