Acting Fast In A Hot Real Estate Market
Posted on: 24 December 2018
Those looking to snag a home bargain have a lot of competition. It can be challenging to come out on top, particularly in areas that have low inventories of available homes on the market. If you fail to take the steps below, you might end up being disappointed time and time again. Read on to learn more.
Know Your Priorities
You cannot expect to find the perfect home in a hot market but you might find a home that has what you need. Make a list of no more than 5 or so attributes that you consider must-haves and don't worry about the rest. Try to focus your priorities on things that cannot be easily changed. For example, location should be on your list while great landscaping can be taken care of later on.
Get Preapproved for a Loan
Almost all buyers show up to look at homes with a loan preapproval in tow. Your lender will use an abbreviated version of the loan application to make a preliminary assessment of your creditworthiness. You will know not only how much you can afford, but the sellers will have more confidence in accepting your offer. You should keep in mind that a preapproval provides you with a range of mortgage options. You don't necessarily have to find a home at the top of your budget.
Contact an Agent
If you have already made contact with a real estate agent, then you have already made a good decision. You don't necessarily have to go with a buyer's agent to gain help from an agent, but they can be helpful. Buyer's agents work for those in search of a home only as opposed to agents who also work at selling homes. Agents of all kinds use their networking experience and inside information to help you learn about homes that are fresh on the market and perhaps even before it hits the market.
Do Your Own Search
Real estate agents are excellent, but you might want to supplement their help by doing some work yourself. If you covet owning a home in a certain neighborhood, for example, you might want to make it a point to cruise through on a regular basis so that you can spot those "for sale" signs quickly.
Pay the Asking Price
When the competition is fierce, you might end up having to pay or even exceed the asking price for homes in the most-wanted neighborhoods. During tight market conditions, you cannot afford to bargain. Be sure to consult with your realtor about when to bargain and when to pay the asking price.
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