As you’ve probably heard, it’s been a seller’s market lately, meaning there are more buyers than sellers. With inventory being lower than normal, multiple offer situations are becoming increasingly more common. You may have already lost out on not just one, but multiple bids. So how do you combat this?
Get pre-approved for a mortgage.
As an agent, I am on the lookout for the newest listings that meet my clients’ criteria. Be ready to see a house as soon as it goes on the market — if it’s a great home, it will go fast.
Scout out new listings yourself.
Once you have access to the MLS, browse through the listings, check your email regularly for alerts to new listings, and drive through your target neighborhoods. If you see a home you like for-sale, send the address so your agent can schedule a showing for you.
Be ready to make a decision.
Spend plenty of time in advance deciding what you can afford and must have in a home so you won’t hesitate when you have the chance to make an offer.
Your first inclination may be to start out offering something less than the absolute highest price you can afford, but if you go too low in a tight market, you will likely lose out. Listen to your agent. We know the markets and we know you. Let us help you with such an important decision!
Keep contingencies to a minimum.
Restrictions such as needing to sell your home before you move can make your offer unappealing. Remember that, if the market is tight, you’ll probably be able to sell your house rapidly. You can also talk to your lender about getting a bridge loan to cover both mortgages for a short period.
But don’t get caught in a buying frenzy.
Just because there’s competition for a home doesn’t mean you should buy it. And even though you want to make your offer attractive, don’t neglect inspections that help ensure the house is a sound investment.
Buying a new home is no small thing. We know how important it is for you to make a good decision. Let us help you make a solid, informed decision.
*Information provided by the National Association of Realtors