How Buyers and Sellers Can Win in the Current Erie, PA Real Estate Market

Selling and buying a home is a significant moment in your life! Homes in Erie are selling two weeks faster than any other city this year compared to last year according to realtor.com. In the?current Erie market, many sellers accept an offer within a few days of listing their house for sale, after all, Erie is rated as one of the best places to live in Pennsylvania!

So if you’re searching for your dream home or looking to sell your home in Erie, Pennsylvania, keep reading!

Selling Your Home in Erie, Pennsylvania

When you decide it’s time to sell your home, you should work with an Erie Realtor? who is excited to help you sell your house fast and for top dollar! When you have a Realtor? on your team, you’ll get greater exposure for your home, a skilled negotiator advocating on your behalf, and someone looking out for your best interest. The selling process doesn’t have to be riddled with stress and anxiety! Check out these 6 must-have tips to sell your home!?

How to Get in the Right Headspace as a Buyer

Buyers can get caught up in wanting to pay at or below a home's listing price. In this market with high demand and low supply, when you are competing against multiple offers, you must be prepared to offer your best and final offer upfront! Buying a home is one of the biggest financial events in your lifetime, so it is important to have an experienced agent on your side to have better chances of getting the home you want! Keep reading to learn the 6 mistakes that buyers make!

6 Mistakes Buyer Make:

1. Not Making Your Best Offer First

In the current Erie, PA market, your first offer matters! Years ago, offering lower on a house was a very common practice, but in the current seller’s market,?it can prevent the offer from being accepted, especially if there are other competing offers. the seller may not even consider your?offer when there are other offers that are at or above list price! When making an offer on a home, listen to your Realtor ?and offer a fair and competitive price.?

2. Overanalyzing the Listing Price

In this current Erie market, when you’re overanalyzing the listing price, you risk losing the house to someone else! If you have a clear idea of what you want in a house and the house you’re looking to buy checks off every single want and need, be prepared to make your offer quickly! If you like the home, odds are several other homebuyers will too.?

3. Working with an Inexperienced Agent

Working with an inexperienced real estate agent or no agent at all can cause unnecessary anxiety and stress during the buying process. Having a real estate expert on your team can make the home-buying process go more smoothly and give you a better chance of finding the right house for you.

4. Not Being Pre-qualified or Pre-approved for a Loan

When you get pre-approval before you start your home search, you’ll be able to make an offer as soon as you’ve found the right home for you. The last thing you want to do is not be able to submit an offer on a house because you did not have the preapproval letter that needs to be included with the offer. Although many mortgage brokers are available on weekends, banks are typically closed and therefore you could miss out on a house that sells over a weekend. One of the first things you should do when considering buying a home is talk to a lender and get pre-qualified or pre-approved. Both pre-qualification and pre-approval provide you with an estimation of how much you can afford when house hunting.

A mortgage pre-approval is a bigger step that requires the lender to verify your financial information and credit history through documents like pay stubs, tax returns, and bank statements. A pre-approval adds more credibility to your offer and shows sellers that you can afford a mortgage! Pre-approval typically takes longer than pre-qualification.

With pre-qualification, lenders will pull your credit and ask questions about your income and assets and will give you an idea of how much you may borrow. It’s important to keep in mind that pre-qualification is an estimate and you’ll be required to submit documentation of your income and assets to your lender in order to apply for the actual loan!

Although the pre-qualification process is often quicker than the pre-approval process, it is better to take the time to get a pre-approval because the lender can calculate exactly how much you can afford based on actual documentation.

5. Not Being Mentally or Financially Prepared for a Bidding War

When buying a home in the current Erie, PA real estate market, you should expect multiple offers and competition from other buyers. When preparing to buy a home, make sure you look for a home under your maximum budget to ensure you do not get caught up in the bidding war and go over budget!?

6. Not Learning from Your Mistakes from Your Previous Offers

If you don’t get a house, have a conversation with your agent about what you could have done to make your offer more desirable, and be prepared to use those tactics in the future. Good offers are not just about price – other factors, such as closing date, number of contingencies, and down payment, could also make an offer more or less desirable to the sellers.

If you're considering buying or selling a home in beautiful Erie, Pennsylvania, reach out to me, Sarah Hordusky.

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