No. 1: Low inventory means you have to act fast ...
In many cities around the U.S., inventories are tight, meaning there are too few homes on the market for potential homebuyers. Homes in good condition that are priced appropriately sell fast. The competitive market means buyers may find a home and make a serious offer in just a few days (sometimes 24 hours!). In extremely low inventory markets like Denver, Seattle and San Francisco, buyers may end up in bidding wars, paying more than the home's asking price.
Professional real estate agents understand the unique trends in your market and can help buyers zero in on the right house and act quickly.
No. 2: ... But closing takes longer than you think
According to Realtor.com, the average home sale takes approximately 50 days from the moment your offer is accepted to the time you move in, but this is contingent on a variety of things. As the days tick by during this comprehensive process of inspections and appraisals, you may find yourself impatient to move in and add Pinterest-worthy decor.
The good news? Advanced technology has helped streamline the exchange of a vast amount of paperwork. And, an experienced real estate agent will be able to set expectations and keep you informed every step of the way.
While you anxiously await the keys to your new place, you can occupy yourself by preparing your things for the move and planning an epic housewarming party.
No. 3: Home inspections leave nothing uncovered
For the benefit and protection of a new buyer, most home inspectors conduct a very thorough inspection of your new home, leaving a detailed and often intimidating list of recommended repairs and improvements. Remember, not every item on the list may need to be repaired for the home to be safe or for you to take possession. Yet again, your real estate agent will be able to walk you through this lengthy report, advising you on what you can and should ask the sellers to consider fixing.
No. 4: Closing costs may leave you asking: "I owe WHAT?"
Just when you think you know the bottom line, some additional closing costs can sneak up on you. Things like loan origination fees, prepaid property taxes, title insurance and more can add up at the end of the process. In fact, on average, closing costs can range from 2% to 5% of your home's purchase price.
Now that you know, you can ask your agent for more details and factor this in when you prepare to buy.