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We are approaching the spring market here in Baltimore, and things are moving along pretty quickly. Today we are going to talk about some of the most common pitfalls we are seeing affect buyers and sellers.
The market is very busy and there are a lot of competing offers out there, so there are pitfalls on both sides. For buyers, you are going to have to make a decision a lot faster than you may be used to. Before you go looking at properties, make sure you ask your agent if there are any other offers on the home.
When buyers make quick decisions like this, this can lead to unseen problems in the house affecting the sale. It also leads to cold feet down the road. If you’re buying, make sure you do your due diligence on the home, but you also can’t drag your feet.
For sellers, we are seeing a lot of buyers go under contract and ask for repairs, but the sellers refuse to make them. This gives the buyers an “out” on the contract. We want to try to find common ground in situations like these, and not throw away a sale over a few thousand dollars.
Another big thing we’ve been noticing are appraisal issues. The market is brisk, but that’s a good thing. There is more inventory coming on the market, but there is still not a whole lot, so keep an eye on these things and try and make good, fast decisions. You’ve got to act quickly in a market like this.
If you have any questions for us about the Baltimore market, don’t hesitate to give us a call or send us an email. We look forward to hearing from you!