'Just Bid the Most'—and Other Home-Buying Mistakes to Avoid
If you're in the market for a home, you've probably noticed that it's still a seller's market, which means that prices are high and inventory is low. According to a report by Zillow, in 2021, existing home sales reached a 15-year high. At the same time, the report noted that, for the first time in the more than 20 years that Zillow has been tracking home sales, inventory fell below 1 million listings. So it's probably no surprise that median home prices increased 16.9 percent from 2020 to 2021—the highest since 1999.
And buyers are pulling out all of the stops to make their offers more attractive. Lizzie Ryan of HomeLight explains that her team has seen buyers using unbelievable tactics to win a home. "Some of these stories include buyers offering a lifetime supply of candy, a puppy, expensive dinners, and wine," she says. "More than one realtor has seen buyers pay competing bidders to walk away."
While those stories are comical, buyers may also be tempted to use other tactics that aren't humorous at all; in fact, they could prove to be disastrous. These are some of the home-buying mistakes to avoid.