How to Buy a House in a Super Competitive Market
This summer’s housing market is forecasted to be on fire with no signs of cooling down. With more buyers than homes for sale, we’re looking at a very competitive home buying season. We’ve laid out four strategies that will give you an edge over other buyers.
1. Get pre-approved.
Preparation is key to anything in life, really, and real estate is no different. Shopping with a pre-approval in hand lets sellers know you have the capacity to buy their house. You’ll be taken seriously as a buyer and it will give you an edge over other interested parties to confidently put in an offer on the spot.
2. Assess your wants vs. needs.
When looking for a home, make a list of your wants versus needs. Which features of the house or neighborhood are necessities and which are deal breakers? Things like great schools and low crime rate are important, while some features of the house are simply cosmetic and can be changed. Determining what can be compromised will put you in a better position to act quickly and make an offer.
3. Find a realtor who gets you.
It’s important to find a realtor who understands your family’s unique personality and needs. Realtors understand the current market, and know what is available, what is coming to the market and what will sell fast. Read reviews and ask for recommendations from family, friends, or your Personal Loan Consultant. Your realtor is essential to the house hunting process, so researching their credentials and getting personal recommendations is well worth your time.
4. Make a strong (heartfelt) offer.
When you fall in love with a home, only to find that there are multiple offers on the table, there are a few things you can do to stand out from the crowd and increase your chances of winning the bidding war. A sincere letter to the seller expressing why their property feels like home to you can go a long way. If your offer happens to be lower than others, this is a good opportunity to explain why and give the sellers a bit of background on you and your family with a personal touch. Other things like a cash down payment and offering a shorter closing or inspection period will show the sellers that you mean business.
Summer is a beautiful time for house hunting. The sun is shining, the birds are chirping, and market is in full bloom. By following these four tips, you’ll be well equipped to pounce on the perfect home with an edge over other buyers. Ready to get started? Apply online at apply.homespiremortgage.com.