Buying a Home in Louisville, KY: Step 4

Buying a HomeBuying a home in Louisville, KY is different than buying a home anywhere else in the country.  The reason is that every different city in the U.S. has different housing market conditions.  Some markets move quickly and others move slowly.  Some markets appreciate exponentially and some remain steady, while other markets are losing value.  Some markets demand square footage, others demand bathrooms or acreage.  This is where hiring me as your Realtor in step 1 really starts to pay off.  You need a market expert to help identify the different housing markets in Louisville.  You need a local expert that knows the difference in value from neighborhood to neighborhood and street to street.  When you are educated on the trends of the market, you can properly negotiate the terms of your sale.  Step 4 is making a good offer on a home.

I said good offer.  Just hiring a Realtor will do you no good if you don’t listen to them.  This part of the process is where the Realtor’s expertise shines and you really need to listen.  Some people have the mindset that they want to “start the bidding”.  Buyers often say “this dollar amount will be a good starting point so that when they send us a counter-offer, we will have room to go up”.  That’s not a good offer when you’re buying a home, especially in our current market.  My question is, “why do you want a counter-offer?”  Why would you start somewhere just for the sake of starting?  Your Realtor should be able to tell you whether or not the home that you are bidding on is priced correctly.  From there you can come up with a good offer.  If you present a good offer, there will be no need for a counter-offer.  If the property is wildly overpriced then you may not get anywhere at first.  But my job as a Realtor isn’t just to get you the home you want; it’s also to make sure that you can sell that home some day without losing money.  You won’t be able to do that if you overpay.   Buying an overpriced home in a crappy market, will most definitely cause you to lose money when you go to sell it.

In our current market this is crucial advice.  Right now we are seeing bidding wars on properties in desirable areas all the time!   It is not out of the question to have 3 or 4 offers come in on a property in a high demand area because there isn’t much for sale.  If you decide you want to “start the bidding” low on a home, you won’t ever buy a home because this wastes a lot of time and allows other offers to come in while you low-ball.  You need to make wise decisions when you are buying a home.  Making low offers that won’t ever get accepted is not wise.  When you’re buying a home in this type of market you should make an offer that makes sense to both you and the seller.  You can’t know what a good offer is if you don’t look at the market every day.

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