If you are ready to buy a house, expect a plethora of unsolicited advice from different people. Some of the advice you will receive may be good, but not for everyone or at all times. Below are examples of common pieces of advice that are not automatically true.
Buy In the Spring
Some people will tell you that spring is the best time to buy a house. Their rationale is that many people sell in the spring, so you will have a wide inventory from which to pick your next house. The advice may seem sound, but it is not always true. For example, sellers know that many people buy in the spring, so the property prices won't be attractive during this season.
The best time to buy a house varies by person. The best time to buy a house is when you need a house, and can afford one. The 'best time' designation can also depend on your priorities. For example, prices tend to be lower in the winter, so you can make your purchase then if the price is your main concern.
New Construction Is the Best
No one wants to buy a house only to discover hidden defects. That is why many people think the best way to get a sound house is to buy new construction. Unfortunately, buying a new construction doesn't guarantee you a defect-free house. New construction can be defective if:
- The builder cut corners and used inferior materials
- The house is not properly insulated (for example, if there are gaps around doors or windows)
- The builder did not prepare the site properly, and the house is experiencing foundation issues
The best way to get a good house is to inspect it – both on your own and via a professional property inspector. Don't skip the inspection process even if you are buying new construction.
An Offer Should Be Lower Than the Listing Price
You may have heard that your first bid should be slightly lower than the asking price. Proponents of this theory argue that such an offer allows room for negotiation, and even the seller expects it.
This theory applies to a buyer's market where there are more houses on sale than there are buyers. In a seller's market, however, the seller can easily toss your offer aside if it is low. Few sellers will bother with your bid if there are competing bids higher than your bid. Ideally, you should base your bid on the value of the house, how much you are willing to pay for it, and the state of the market. To learn more information about buying a home, reach out to a company such as Silverton Realty, Inc.
