These tips will help you as a buyer navigate this market.
Here are my five tips for navigating this red-hot seller’s market of ours:
1. Be prepared. You, your Realtor, and your lender need to be available most of the time. Homes are selling sometimes in just two or three days. You may have also heard of home sellers holding offers until a particular date, and just when you think you have time to submit yours, you get a call about a ‘bully offer.’
2. Have your financing in order. By this I mean get pre-approved. Most offers are being made these days with no condition of financing, so know where you stand, be prepared, know your budget, and don’t get overexcited.
3. Find out whether or not there’s been a pre-inspection. Wise Realtors are having their sellers do pre-inspections on their homes. If there’s been a pre-inspection for the home you want, you’ll know what’s wrong with it or what its benefits are. Also, I should mention that not all home inspections and inspectors are the same, so make sure you know what you’re getting.
4. Know the market. Understand what has and hasn’t been selling in the area and what styles are popular. By knowing the market (a “market education” as we like to call it), you know where prices are going and what to compare. Knowing these things will make you that much more comfortable.
5. Sweeten the deal. Sometimes it’s not necessarily the money that makes the difference. For example, I always ask the listing agent what the seller’s ideal closing date is, or whether they’d like to stay in the home longer, or if there’s anything they’d like to take, what kind of issues they have, etc. Anything to sweeten the deal. Be open, be assertive, and don’t be afraid to talk.
These tips will ensure you don’t overpay, feel overburdened, or overexcited when buying a home. If you have questions about this or any real estate topic, don’t hesitate to reach out to me. I’d love to hear from you.