6 Tips for Buying a Home in a Competitive Market

There are way more buyers than homes for sale right now, so if buying a home is on your Spring agenda, you’ll need to be prepared. Obviously, working with an amazing, proactive Realtor® and Lender team is going to be key. But we also wanted to share 6 tips to keep in mind in this unprecedented housing market that will give you the competitive edge over other buyers.

Number 1: You know what we’re going to say – GET PRE-APPROVED! This is incredibly important because, in times like these, a home will pop on the market and ✨ there are offers, so you need to make sure you’re ready for that. And nothing shows that you’re ready – and serious – like having your financial ducks in a row when you need to move on a house.

Number 2: Limit Contingencies. Think about it – if you were selling your home, you’d just want to sell it and be done with it with as little hassle as possible. Adding a bunch of unnecessary contingencies adds more time to the process and more work for the seller, and they’ll be more likely to accept an offer with little to no contingencies. So if you can help it, definitely try to limit those.

Number 3: Go in strong. Your Realtor® will help you assess the home’s value and go in with a strong offer. Again, it’s competitive out there, so be prepared for multiple offers and negotiation.

Number 4: Stay available. Keep your phone on you (and the ringer on), check your email regularly. You’ll want to be available with any news from your Realtor® so that if there’s a counter offer, you’re moving quickly.

Number 5: Be flexible. If the sellers want to close in 30 days, do everything you can to make that happen. That also means working with a lender who’s able to get that done for you.

Number 6: And finally, up your earnest money deposit. Typically, EMDs can be anywhere from 1-3% of the list price. But honestly, you want to stand out, so if possible, go in a bit higher. If your offer is accepted, it’ll go towards your down payment anyway. Just remember, if you back out of the contract, you’re out that money. But if your offer simply doesn’t get accepted, you’ll get that money back, no big.

If you’re getting ready to start house hunting and have yet to speak with a Lender, visit https://www.homespiremortgage.com/loan-officer-search/ to find a Homespire Loan Officer near you and get started today.