Community News

Many buyers – and some sellers – are counting on misconceptions that could keep them from their real estate goals.
Here are some that we’re finding in this market.

1. I'll just hunt and hunt until I find the "perfect" home.

Sorry. There is no such thing as the perfect property. Even gently-used houses come with imperfections. And new homes rarely, if ever, have absolutely everything you want at the price you want to spend. Even if you use your own plan and build a new house, there will be things you would like to change. And there is a bit of a challenge because rates are so low now - how long will that be the case? Will you miss this historical opportunity?

2. Distressed properties (short sales and foreclosures) are easy and cheap options.

Not necessarily so. They are complicated and lengthy processes. And they can start with a "bidding war" which brings the price up. With a short sale, the seller has to agree to a lower price and then the lender must agree to that lower price. If there's a 2nd mortgage it’s even more complicated. And it can take up to 6 months for the actual closing to happen. Meanwhile, the house is usually empty and deteriorating. Foreclosures tend to be a bit less complicated. But, either way, when working with a lending institution, you can expect them to mainly be considering the financials and not the costs of keeping it on their books longer or the condition of the property. And - while you're waiting for a distressed property offer to go to closing, you may miss out on other, more desirable properties.

3. I can find my perfect house on the Web and buy with the listing agent to save money on the commission.

We're all on the web and buyers in particular. There are so many sites, and so many homes, it's a virtual banquet! However, the most efficient way to secure your home is to find a few sample properties that have the features and location you like. Then contact your Realtor® and sign them up as your Buyer Broker (at no cost to you). You will have a professional to represent you with their full fiduciary commitment. With the searching you've already done, they'll have a really good idea of your needs and can sort through all listings on MLS (and others that aren't listed) to help you find your new home. The Buyer Broker is paid at closing from the Seller's proceeds, so it doesn't cost you anything. The property is typically being sold at market value and, if adjustments are made, the Seller is usually the one who is saving money.

4. The market is still dropping, so I should wait to buy.

Who knows what the future holds? We've seen prices in the last 2 years stabilize. And our inventory in this area is down from a year ago. There are more distressed properties out there to come on the market, but they're probably going to just trickle in. If you're buying a home that you plan to occupy for years, and you find one that's "perfect," you might want to make a move, as other buyers may find it "perfect" too!

5. If a property has been on the market longer than average, the negotiations will be easier and we can bring in a really low-ball offer.

Usually, a long length of time on the market (over a year) means that the Sellers have already reduced the price once (or more) and are getting close to their low limit. They might reject a low-ball offer out of hand. They may have had offers come and then fail. They may have "dug their heels in." Or the Sellers may not be motivated. So buyers should make an offer on what they feel it's worth at the time. Fair market value will usually prevail.

We hope that these myths and their explanations will be of help to you and yours. If you have comments/questions, just give us a call.

Let us help YOU find YOUR place in this "Last Best Place!"

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Sharon Tudor Isler, Broker, CRS, GRI, SRES 556-5048
Sharon@Bozeman-RealEstate.com

Brian Tudor, Sales Associate, GRI, GREEN, SFR 556-5068
Brian@Bozeman-RealEstate.com

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