We may just be having fun with the Halloween holiday just a few days away, but if you are buying in this market, you want to make sure you don’t scare away the sellers. We aren’t the hottest market in the nation, but homes for sale in South Lake Tahoe are still low. We are consistently at a 3 month supply and the need for a balanced market is 6 months! So appropriately priced homes for sale in South Lake Tahoe are moving and doing so quickly. Which means the sellers still have the upper hand, which means buyers have to try and stand out above the competition. Looking to make a good impression? Check out these tips!
1.) You aren’t Pre-APPROVED
“Approved” is meant to be in all caps. Pre-qualified and pre-approved are two different things. Approved means you have the loan approval, you can spend that much and you are good to go. Qualified is a “guesstimate”. We have seen the head aches Zestimates cause and this is no exception. A seller wants a buyer who is ready to go and committed. Don’t make an offer when you aren’t REALLY ready.
2.) You low ball your initial offer
Listen, we all want a good deal. No one wants to spend more money than they have to. However! When you low ball on the offer price, the down payment or the earnest money, this suggests you are tight on cash. Not to mention, a low offer price can offend the seller. So don’t come in with a low price when making an offer on homes for sale in South Lake Tahoe. Also, consult your South Lake Tahoe realtor on your offer strategy. This is what we do for a living. Let us help you. Otherwise, that seller may disappear without a trace.
3.) You work with a sketchy lender
While we are still on the money topic, work with a legit lender. Your realtor in South Lake Tahoe should be able to help you with this area by giving you a good recommendation. Since sellers generally want a quick close, they want to work with someone who’s lending won’t go bump in the night. Also, don’t switch lenders mid-deal. It once again suggests your financing is on shaky ground.
4.) You send a novel length list of repairs
While you are touring the homes for sale in South Lake Tahoe, you may see some things you want fixed before move in. That list may increase once the home inspection comes back. It is unrealistic to expect them to make the home perfect though so pick and choose your battles. A high maintenance buyer can be a real nightmare so handle the “deal killers”, close and make the home yours.
5.) A list of contingencies
Speaking of a “deal killer”, this is another “pick & choose” your battles scenario. In fact, one of the number one tips a realtor in South Lake Tahoe suggests is removing as many contingencies so long as it is reasonable and doesn’t negatively impact you down the line. If you suspect the home of having lead paint, have it tested. If it comes back negative, move the transaction along. If it comes back positive, ask that it be removed. If you think the fire place isn’t up to code, or their is mold, or whatever you are scared of lurking below, let the home inspector do their job and wait for the results. Then use them as negotiations if appropriate. The scariest contingency of all is when a buyer wants to wait until their current home sells. Sellers want to move on their timeline, not yours.
6.) Asking for their stuff
That antique chandelier from Harrod’s in London is a show stopper, isn’t it? And that floor to ceiling mirror in the entryway is hard to find! Not so fast. Not everything stays with the house and don’t ask for all their belongings. There will likely be a list of what stays. If there is one item that you can’t stop thinking about that isn’t included in the listing agreement, have your South Lake Tahoe realtor ask their South Lake Tahoe realtor if they are interested in parting ways. If not, don’t make a big deal about it. It can really put off sellers when a buyer is continually asking for their things.
For more information on buying in this market, give me a call. As a long time local realtor in South Lake Tahoe, I would be happy to help!
