We are in a very interesting time right now as the real estate market presents more challenges for home buyers, home sellers, and the real estate agents helping coordinate transactions. The inflated economy and high mortgage rates have made it tougher for many buyers to buy and sellers to sell. Deals are still getting done. It just takes more planning, preparation and perseverance from all parties involved.
Doing What’s Right
We’ve been thinking about ethics and integrity a lot lately. We are seeing our fellow real estate agents getting more desperate for business—not just here locally, but nationwide. Unfortunately, some are finding it tempting to put their ethics aside in order to get deals done. They may not be doing what’s right for their clients. Some decisions may not even be good for themselves in the long run. They are just worried about making money during these tough times and that can lead to questionable practices.
Making the Right Home Buying Decisions
Consumers are finding themselves in the same situation. Home buyers may be more limited because if the high mortgage rates and low housing inventory. They have to be careful about making bad offers and getting themselves in a poor homeownership situation (i.e., the wrong house for the wrong price). Be careful not to offer too high a price when you know a property isn’t worth it. In addition, it is never advised to waive home inspections no matter how eager you are to buy a home.
Another common home buyer mistake in today’s market is working with a less reputable mortgage lender who is offering some sort of special “deal” or that may not really be favorable once you pull back the curtains and understand all the fine print of the home loan. A lower mortgage rate doesn’t always equate to the better option. You’ll want to understand every detail of the loan (fees, adjustable vs. fixed rates, mortgage insurance, etc.) before signing on the dotted line. Make sure you are working with a reputable mortgage lender and seek the advice of a real estate agent you trust.
Home Selling Mistakes to Avoid
Likewise, home sellers must put value on making ethical decisions when selling a house or condo. It can be very tempting to leave out critical details in the listing. These issues generally get uncovered during the home inspection process. Some buyers may be willing to forego home inspections to their own detriment. That doesn’t mean you should take advantage of the situation. Imagine yourself in their shoes and do the right thing. Is a few extra thousand dollars really worth making someone else’s life miserable?
Of course, sellers must also be concerned about who they work with when selling a home. It’s always a good idea to speak with several real estate agents before signing a listing agreement. Some may promise more and those promises could be too good to be true. You may have to come into the situation with a little cynicism and remember the saying “don’t believe everything you hear.” They may make a good pitch, but ask for references, read reviews and do your own research to see how good they really are. An agent who is a little sketchy when selling you on their services is just as likely to do questionable things to get your home sold. They probably aren’t going to put your needs first. They are just going to do whatever it takes to get a transaction completed.
The Importance of Trust and Positive Collaboration
Ultimately, you do have to put your trust in some people, whether it’s your real estate agent or your mortgage lender. The key is to put your own ethics and integrity first. Let your conscience be your guide when hiring the right professional service providers. Think carefully about every decision you make and who is affected by those decisions. When everyone is working together toward a common goal, everyone benefits. This is what real estate should be all about.
If you are buying or selling a home in Southeastern Pennsylvania or Northern Delaware, contact The Cyr Team today. We have been in this business for many years, through both up and down markets. Let us help you make the right decisions when making a move.