Buying a home in a hot market can be a little overwhelming, thanks to both the number of competing buyers and the speed at which homes are snapped up off the market.
But, don’t be discouraged! There are several easy steps you can take to make life easier. Following these simple tips could make a big difference in your search to find the perfect home for you.
Use A Local REALTOR®
Whenever possible, buyers should go with a local REALTOR. They will be experts in this particular market, knowing all there is to know about the average price and trends in the area.
Being a local also means that they will have valuable information at their fingertips. Before you buy, they can keep you informed on things like the best neighborhoods, schools, and what amenities are close by.
Set Up Listing Alerts
When the market is hot, you’ve got to be on top of things. New properties won’t stay available for very long.
That’s why you should set up listing alerts - these are automatic emails/text messages notifying you new listings in your price bracket become available.
A lot of sellers will schedule listings to go live at midnight so they’re top of the pile come morning time, so these alerts will help ensure you’re one of the early birds who catches the worm!
Keep Your Offer Simple
Making an offer that’s full of contingencies is usually not the best move to make in a sellers market. When there are multiple offers on the table, the seller will probably go with the one that involves the least amount of conditions.
For example, if your offer depends on the sale of your own home, and there’s an offer from another buyer for the same price without this potential roadblock, the seller will almost definitely opt for the other person.
However, one thing you could include in your offer that won’t cause you any harm is a personal letter. When a buyer has received multiple offers, they can all begin to merge together.
A note explaining why you’re the perfect buyer for the home, might just be the thing that sets your offer apart from the others. Keep it short and sweet, and do your best to emotionally connect with the seller.
Don’t Start At The Top Of Your Budget
Ultimately, money talks! Remember, sellers are always on the lookout for a big payout and, if possible, a cash offer - but don’t get ahead of yourself in your efforts to secure your dream home.
Naturally, you should make a strong first offer. If the asking price is within your budget, you should offer at least that amount, probably a little more. This is very important to keep in mind - in a competitive seller’s market, you will probably have to offer above the asking price.
So, consider the amount listed on your pre-approval as your maximum, and work within your limits. Otherwise, you may end up in a bidding war you can’t afford to be in, and wind up disappointed.
Another important reason to stay within your budget is that there’s no guarantee the home you buy will continue to appreciate. If prices fall, you could end up owing more on your home than it’s worth, leaving you with negative equity.
There’s no time like the present in a hot market.
Have you got your eyes set on Columbia Valley?
With expert agent guidance, home-buyers can get the best deal possible on their dream home.Scott Sauermann on