Well, it’s spring again and as the weather starts to heat up… traditionally so does the real estate market. And this year is no exception, and with the housing shortage, it’s important to follow these tips for buying a home in a competitive market.
As more homes start to hit the market it’s important for you to remember, especially this year that you’re not alone. There are actually a lot of buyers out there just waiting for the right home to hit the market. You might be one of them.
So if you’re looking to buy a home this year, I’ve prepared a few tips… and one extra bonus tip to help you get started, just so you can be as ready as possible to make an acceptable offer when the right home does come. One last thing before I jump into the tips, talking to a real estate broker would be a huge help, just to get the status on the current market conditions and what buying a home in a competitive market looks like.
Get Your Finances Straight
Step number one for buying a home in a competitive market, of course, is to get your finances in order. You will want to watch your spending, stay away from credit, and talk to a mortgage lender to get pre-qualified for a home loan. If you need a lender referral, contact me here. In addition, if you’re paying cash you want to have proof of funds ready to go. You’ll need these things when submitting an offer anyway, especially in a market with so much competition.
Clarify Your Wants/Needs
Step number two to buying a home in a competitive market is to get crystal clear on exactly what you’re looking for. This isn’t always easy to do, especially when there might be more than one buyer. Arriving at a compromise and nailing down your “ideal” home is really important when buying a home in a competitive market.
An easy way to do this is to look at listings online, look at home features, drive through neighborhoods, create a wants vs. needs list, and get ultra-specific on the most important features that you want in your new home
Choose The Right Agent
A seller’s market is not time to go it alone… The third thing you want to do when buying a home in a competitive market is to choose a good real estate agent. Seriously, working with a full-time professional who understands the market, understands trends, understands negotiation, and is able to help guide you through the process can really make a difference whether you have a great real estate experience or… not so much.
Bonus… Be Ready On Short Notice.
One last thought about buying a home in a competitive market is to be ready. Honestly, there is no time for fence-sitters or tire kickers in a tight seller’s market. When the right home comes up you’ll need to be ready to move quickly. Why? Because there are tons of other buyers just waiting for that house to become available.
It is also important to have these preparations done ahead of time so you don’t lag behind other buyers or cause any unnecessary delays, or even worse a rejected offer. If you’re ready to get started, my team has agents ready to help. Just shoot me a DM, text, email, or contact me here. We’d be happy to see how we can help.