How To Navigate the Housing Market as a Buyer
It’s a hot seller’s market right now, with home prices soaring and inventory tight in just about every part of the country. As a home buyer, you’re probably frustrated and looking for any edge to help you get a leg up on the competition. You don’t have time to waste, so today, we have a few tips to help you get in a better position to buy.
You don’t have time to waste filling out paperwork when you find the perfect house. Before you start looking, get a pre-approval letter from a mortgage lender and hire an experienced real estate agent in your area. Many agents won’t see you as a serious buyer until you have proof of your ability to purchase a home and your budget.
Your real estate agent also helps you review the contracts and paperwork involved in writing an offer so that it’s airtight and ready to submit without delay when the perfect home comes onto the market.
Although the housing market is tight in many parts of the country, your city may differ. In larger metro areas, some neighborhoods or suburbs may be easier to find a home in than others, which is why having a local realtor, one who understands the nuances of the market, can help you understand the trends in your market and when it’s time to buy or wait.
Ask your real estate agent about tools to give you automated updates on homes available in your area, like a daily email alert.
Time is of the essence in housing markets with little inventory. Don’t expect to see a property listed on Monday and think it will still be around when you schedule a showing on the weekend. Serious home buyers treat home buying as a job and schedule showings the same day a new home comes onto the market.
Talk to your real estate agent about home viewings on the weeknight or even during your lunch hour at work. When looking for an agent, make sure that they’re flexible enough to get you a viewing right away.
You may have your heart set on a particular location, but when you open up your search criteria, you may find that you have more options. If an extra 10 or 15 minutes commute doesn’t bother you, consider secondary towns or suburbs further out from the city center. You may also have to let go of some of the specs you want, like a corner lot, certain number of bathrooms, or acreage.
Or, consider homes in a lower price range. If your upper price range is $400,000, consider houses that cost $350,000 and up. If you can offer a little over the asking price for those houses, you may stand a better chance of securing an offer than if you’re trying to negotiate with other buyers who can go over an asking price for a $400,000 house.
VSells is a local Howard County real estate team with years of experience helping home buyers just like you. The metro area is hot right now, but we’ll work with you to find your forever home. Contact us today to schedule an appointment!
Whether you are buying or selling, we at VSells & Associates make it our mission to guide our clients through the whole process. We make moving simple, straightforward, and as stress-free as possible.