A lot of home shoppers are worried about the trends of their local real estate market. You might be too. You see homes selling at lightning speed every day with rising bidding wars, you see buyers having little or no time for proper negotiations as home prices stay on the rise. While the housing market is cooling off in some areas it is heating up in others.
Don’t Be Your Own Judge.
Some buyers try judging the market using their experience trying to buy their first home. Some either think of how they lost on other negotiations or how they paid far too much for a property than it is worth. The reason might be you were just too slow in making an offer for the home. Some buyers end up regretting their choice. Others end up thinking they should have rented for longer and built their finances up before taking on the market.
Where Do You Start?
Just because your local market is a sellers’ market doesn’t make it impossible for you to get a perfect deal on your dream home. Before you face the market, you need to, first of all, get some base knowledge of how things are done around your area. Try to get someone to educate you on the trends of the market. Getting guidance from a mortgage expert is always a key part of your buying process. You need to know what you can afford and more often than not your mortgage originator can refer you to an awesome real estate agent. Obtaining the service of an experienced agent with a good track record should be a top priority. Read further and learn more of my tips that work in all real estate market so you can get your dream home at a price that suits you.
- Get pre-approved: Being pre-approved with a broker means knowing your worth and what you can afford. A pre-approval tells the seller how qualified and serious you are to make further negotiations. You need to determine and stick to a budget, know how much you can borrow. It’s much easier to take into consideration the additional cost of owning a home including utilities, taxes, and your mortgage originator will help you determine a final budget. Many big box lenders will qualify you for the maximum amount, not one you can comfortably afford.
- Go house hunting: When searching for your dream home there are some things you need to take into consideration. These include a suitable neighborhood, putting in place your home needs versus your desire. Buyers may need to compromise when housing inventory is tight, you need to compromise on what you think you need from a home. Your neighborhood should tell much about your home and needs to be properly addressed during the home search.
- Request showing: As soon as you find your dream home, waste no time to request a showing. Remember if it’s a sellers’ market, anything can happen the next day. You know what happens to those who hesitate.
- Make an offer: If you like what you see, go for it. Make a clean offer with the help of your agent. Make an undeniable offer to be 100% sure of ownership. You might want to offer the seller with favorable concessions such as a flexible closing date. We help structure your offer to give your agent more negotiating power with custom pre-approvals based on your offer price and property.
- Hire an agent: A real estate agent will guide you through the buying process and make sure you don’t spend unnecessarily. Consider an agent with knowledge of your local area. We can recommend a rock star realtor to help you.
