I participate on a couple of real estate forums online. There is an interesting thread on one of them about lessons learned in real estate. This is a national forum, not just local Salem Oregon folks.
What were consumers regrets when buying a house? I thought it was an interesting topic and for you first time home buyers out there…here are a few words from your peers on “if I had to do it again…”
- Don’t overestimate your skills or time.
- Only buy what you can afford. Buy less than what banks say you can afford.
- Don’t be arrogant or rude in negotiations.
- Don’t believe the MLS listings. Many aren’t correct.
- If you haggle over the last 1%, you’ll lose out to the person who doesn’t.
- Visit the neighborhood at 10pm on a weekend night.
- A good real estate agent is priceless and agents are not all created equal.
- Get inspections on new construction homes. New doesn’t mean problem free.
- Get everything in writing.
- There is always a better house so be thankful for what you have.
- Don’t get stuck on the small things and lose a house.
- Don’t cheap out on home inspections.
- If a listing agent says your house will sell quickly at list price, run the other way.
- Be cautious of the seller’s disclosure statements.
- Location is everything.
I think it is always interesting to hear what consumers have to say about their real estate experiences. Trying to prepare Salem Oregon area home buyers for the process can be difficult because some have had such a negative experience in that past, and some are first time home buyers and we agents spend a lot of time educating them about what they need to know.
So for those of you thinking about diving into our local market…here is a brief glimpse into the real estate school of hard knocks.