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Tips For Increasing Your Odds Of Buying A Home In A Tight Housing Market
I was reading an article earlier today about the real estate market and how competitive it is for buyers. Here are some helpful tips for buying in today's market:
1. Get pre-qualified for a mortgage loan. By doing so, you will be able to make a firm offer when you find the property of your dreams. Being pre-qualified will make your offer stronger to the seller.
2. Keep in constant communication with your realtor. As a realtor, I am looking in the MLS daily for my clients. As a buyer, you should be ready to see the house as soon as it goes actively for sale in the MLS. If it is priced well and in great condition, it will sell fast.
3. Be on the lookout for new listings. Continue to look through realtor.com and zillow.com for new listings. When driving through neighborhoods, be on the look out for new signs in yards. As soon as you see a new home for sale, call your agent and see if you can schedule a showing.
4. Be ready to make a decision. Decide on the must haves in a home and on the criteria that may not be as important. There may be characteristics in a home that you can't live without and there will be some items that are doable. Be aware of where you stand with your "must haves" and be ready to make an offer.
5. Submit a competitive offer. You will want to make a strong offer and not bid too low. Bidding too low, will likely result in another buyer being awarded the contract. In a tight market, you want to submit a good clean offer. Put your best foot forward.
6. Keep contingencies to a minimum. Offers with contingencies such as needing to sell your home first can make your offer unattractive to the seller. At times, the seller may take the lower offer without the contingency above the higher priced offer with a contingency. There is less risk for the seller.
7. Don't get caught up in the bidding war. Just because there are many buyers interested in a particular home, it doesn't mean it is the right home for you. Keep in mind, your offer should be attractive and within your budget. If this home doesn't work out, there is always another home that will become available.
Lastly, remain calm and enjoy the journey of buying a home. There are several hurdles to jump over during the buying process, but the end result will be awesome!
Janet Wingrove has been a licensed realtor in Texas since 2007 and has been selling real estate in San Antonio ever since. My #1 goal is to help people achieve their real estate dreams! - Janet