Be careful buying a home in this crazy market

On Behalf of | Jul 28, 2021 | Real Estate Transactions |

Stories are flooding in from all over the country about the lack of homes available to buyers, causing many individuals in Louisiana and elsewhere to make offers they normally wouldnt just to secure a property. While it is most certainly a sellers market at the moment in most areas, buyers need to be careful about what they are willing to give or give up to make their offers stand out to sellers. Failing to protect yourself when buying a home is likely to come back and hurt you later.

How crazy is the market?

Youve heard the stories, and maybe youve experienced some of this yourself. Numerous people have been offering thousands over the asking price and paying well over appraisal value. Homebuyers have been forgoing contingencies and inspections. These are things most people would never consider doing before.

Things to think about

Before making an offer well above the asking price or appraisal value, think about how long you intend to be in the home. If it isnt for quite a while, you may never recover the money you put down. Before refusing an inspection, think about the cost of potential repairs and if you can afford it. Think about other contingencies and how they are intended to protect you and allow you to walk away if something with the sale goes wrong.

Protect yourself

Not everyone is in a position to go all-in with offers that provide them with little –if any — protection. Buying a home is a big deal, and while the market is crazy in Louisiana, making it difficult to secure a house, it is still in your best interest to make an offer that serves you well. Legal counsel can help you do that by drawing up contracts that are both appealing to sellers and offer you appropriate safeguards should any issues with the home or sale arise. To learn more, take a moment and visit our firm’s website.