How Well-Meaning Parents Can Accidentally Kill Real Estate Deals

Parents want the best for their kids, especially when it comes to buying a first home. But here’s a tough truth: parents can accidentally kill real estate deals.

How can helping your kids hurt them? It comes down to one thing: outdated advice.

The market is always changing

Real estate moves fast. Prices, interest rates, competition, offer strategies and even common contract terms change from year to year, sometimes month to month.

If you’re not actively involved in the market right now, your knowledge is probably out of date. Advice that worked in the 1970s, or even three years ago, might not apply today.

Common ways outdated advice backfires

• “Offer way under asking. They’ll take it.” That can cost your kids a home in a competitive market.
• “Don’t waive anything.” Or the opposite: “Just go firm.” The right call depends on the situation.
• “Prices will drop, just wait.” Waiting can mean higher prices or higher rates later.
• “You don’t need an agent.” That leaves your kids unprotected in the biggest purchase of their lives.

How parents can really help

1. Help with the down payment or savings plan if you’re able to.
2. Encourage your kids to work with a trusted REALTOR® who knows the current market.
3. Ask questions instead of giving rules: “What does your agent think?”
4. Be a sounding board, not the final decision-maker.

Helping your kids buy their first home?

We love working with families. Come to a meeting with your kids and we’ll walk everyone through how today’s market really works.

Call 289-276-1716 or start a home search.