This has been an incredible year for real estate. Inventory in the area is very low which means it is a very competitive market. We have seen so many hopeful buyers lose out of the opportunity to buy their dream home fro a variety of reason. Here we have some helpful tips to help you navigate this market and find your next home.
- Do not hesitate to move quickly with your offer. If you are interested in buying the home get your offer in. This is a competitive market and we are seeing homes receive acceptable offers within days of being listed.
- Set yourself apart. There are a few ways make your offer seems more compelling to sellers. You can offer favorable terms. For example are you are willing to waive mortgage contingency? Can you close quickly? Competitive terms are sometimes looked at more favorable than a slightly higher offer. We have also seen homebuyers write personal letters. If a seller is emotionally attached to their home they may accept a slightly lower offer from someone who hopes to live in and care for the home the same way they did.
- Know your limits and don’t get emotionally attached. We have seen many homes get into bidding wars. It is important to know your limits and don’t let your emotions lead you to bid higher than what you are financially comfortable with.
- Have everything ready. Just because your offer has been verbally accepted nothing is firm until contracts are signed. Have your inspectors, attorneys and pre-approval for financing lined up so that once your offer is verbally accepted you can move quickly and get to the signed contract phase.
- Find an agent that you trust and is knowledgeable in the market. Working with an agent that can help you navigate this market, help you move quickly and educate you on market value and trends will go a long way to finding you in your dream home.