Are you trying to buy a house in 2022 and let’s just say it’s not going so well?
Are you making these HUGE mistakes?
If you have even remotely been paying attention to the real estate market in Monmouth County over the past 2 years you know that we have been in a crazy seller’s market.
I can’t imagine that there is anyone out there that doesn’t understand how tough it is to purchase a home in today’s market, especially in Monmouth County. The pressure is high. You have to decide within moments of seeing a home whether or not it’s the house for you.
You know what, that’s not entirely true. You have to decide before you even go to see the house if you think it may be the one for you so your agent can draw up all the contracts ahead of time because there are already 12 offers, the highest and best is due Tuesday at noon and it’s already Monday and there is only 1-time slot to get into the home so you have to grab it. No matter if you have to work or not, if you want to see this home it has to be Monday between 1 and 1:20. No ifs ands or buts.
Ughhh who needs this type of stress. You need to decide are you going to remove your appraisal, remove your inspection contingencies, can you close in 30 days, do you have over 20% down. I mean god what else can you offer up? Maybe a kidney? Don’t laugh, I offered one up on a property I just got for my client. Desperate times have set in.
So are you doing everything right and still not winning a bidding war and getting a house?
Are you making some of these mistakes without even knowing it?
Number 1
Are you simply taking too much time to make a decision?
Trust me, I get it. This is a HUGE decision. Normally I would tell my clients to go home after seeing a house. Digest it all, and make a list of pros and cons. Talk it over with family and sleep on it. But now……….. That just won’t work. In the short time you drive home, offers can start coming in. If you really want to find a home, you need to be ready to jump on it. And I mean literally.
Number 2
Are you truly coming in with your highest and best offer?
Again, this is the new normal way to do business in the real estate world. Those days of throwing out a low ball offer and then coming up, well those days are gone. When you are in a crazy market like this…. The seller has all the power. Remember when people used to negotiate on a house? Those days are kind of non-existent. Sellers are looking at the highest offer they are getting and then looking at the terms and conditions. That’s it. So I tell all my clients. We need to come in with our highest and best offer. We get 1 chance to shine, that’s it.
Number 3
Have you learned from your mistakes and the homes you didn’t get?
If you have made multiple offers and not gotten a single house why? What did you do? Can you do anything differently? Are you willing to change your terms, or put more money down? Are you willing to try and make up your mind faster than the last time? Are you not even seeing any homes to make an offer on? If that’s the case maybe it’s time to pause and go back to the drawing board and analyze what you are looking for and are your expectations realistic. Sometimes it takes a few months of house hunting to realize maybe what you are truly looking for doesn’t exist. Did you take the time to find out if your offer wasn’t accepted? Did you ask your agent to find out why they took another offer? There has to be a reason your offer wasn’t accepted. If you take the time to learn from each experience you can make your next offer appear that much stronger.
Number 4
Do NOT even start house hunting if you are not pre-approved.
Now, this is pretty standard no matter what the market looks like. But in this market, as a buyer, you should have already sat down with a lender. You should not step a toe inside a home without being pre-approved. And even better, if you are comfortable with your lender you should ask what documents are going to be needed once you find a home so you can start gathering them NOW. Once your offer is accepted your lender is going to get you into underwriting to secure your loans. Having your paperwork handy or submitted could be the difference in whether you get a home or not. I promise you, if you are not pre-approved you are wasting everyone’s time, including your own. There is not a seller here in NJ who will even look at your offer without a pre-approval from a reputable source.
The market can NOT stay like this forever. Things will have to eventually balance out.
If you are a buyer out there looking to purchase here in Monmouth County, just breathe. Be sure you are prepared before you even start the process and be sure you are working with a realtor that you like and trust. This market is tough and you really do need an experienced agent to help you navigate the crazy times. I truly believe the perfect house is out there for everyone, sometimes the path to finding it, well it’s just a bit bumpy along the way.
Thanks for joining me this week, I’ll see you soon!
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If you are considering BUYING in Monmouth County, Click below for a Home Buyers Guide:
👉 https://corisellsnj.com/ultimate-home-buyers-guide/
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👉 https://corisellsnj.com/free-sellers-guide/
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Cori Dunphy is local, she’s a life-long resident of Monmouth County. Why is that important? Because she has knowledge of the area. Cori Covers all of Monmouth County but has a very strong following with listing and selling homes in also has experience listing and selling houses in Marlboro, Morganville, Manalapan, Freehold, Hazlet, Holmdel, Matawan, Aberdeen, and more. She has a true understanding of the market in Monmouth County.
Cori Dunphy is a Marlboro Township resident. If you need extensive information about Marlboro Township, Everything from Real Estate, to Restaurants, From Schools to Shopping. JUST ASK!
Cori Dunphy is Realtor®. When you are a realtor. You are forced to follow an extreme code of ethics and Cori stands by that. Her clients needs have and will always come first.
Cori Dunphy is a Certified Pricing Strategy Advisor. This means she can help you determine the most competitive and realistic sales price when listing your home. Relying on your tax assessment or an online estimate just isn’t accurate. A Pricing Strategy Advisor knows how to determine the market value, AND how to help you determine a price that will make your home competitive with other houses for sale.
Cori Dunphy is a Certified Real Estate Negotiator. This means after you receive an offer on your house, she will use proven negotiating strategies to get you under contract and sold.
Cori Dunphy is a Senior Real Estate Specialist. This means she has the training and experience to meet the needs of the over-55 homeowners who are typically considering retiring and/or downsizing, and whose needs are different than those of homeowners under age 55. Cori currently specializes in the Adult Community of Greenbriar. www.greenbriarmarlboro.com
Cori Dunphy is a certified e-Pro. This means she uses extensive creative online marketing to get homes sold. Why? Because the majority of buyers find the house they end up buying online! Your house, like most houses for sale, will be found on the thousands of real estate websites showing homes for sale. Melissa will extensively market your home on a wide variety of social media platforms. Melissa will ensure your house has its own dedicated property webpage, and will also ensure your house is a “featured property”. Ask Melissa about the one unique marketing concept she uses that NO ONE else in the area is doing!
Cori Dunphy has proven experience working with home sellers. Every house Cori has ever listed has SOLD!
Cori Dunphy knows the real estate market. She knows the average days on the market of homes for sale. She knows the sales price trends. She knows whether it’s a buyer or a seller’s market, and can provide the advice to get homes sold!
Do you have a house to sell outside Cori’s area? Cori will connect you with a Realtor® in her network. Currently, her network includes New York, Pennsylvania, Texas, California, Tennessee, Georgia, North Carolina, South Carolina, Arizona, Las Vegas, Maryland, Idaho, California, Florida Rhode Island, and Kentucky. This network is growing every day!
Curious about the Marlboro NJ market? Hop over to my website and take a look around. www.corisellsnj.com
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Monmouth County NJ 🏡
Marlboro Township Specialist
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