Tips for Homebuyers in a Competitive Market
The real estate market in several parts of the United States is certainly fast-paced these days. Many homes are selling very quickly with homebuyers struggling to find the right home before someone else puts it under agreement. The pressure is real.
Buying a home can already be emotional without the added pressure of a competitive landscape. If you are experiencing a challenging home buying process, here are some helpful ways to be ahead of the competition.
Create Property Alerts
Some real estate websites, including AndyWeiser.com, have the capability of saving your search criteria and provide daily updates of new properties and price changes emailed. This is a great way to be notified daily of new properties that meet your criteria and to cut down on lost time.
Select a Fast Moving Agent
Not all real estate agent are created equal. Some work more with sellers, some with buyers and some just work part time. Make sure you align yourself with one who works well with you. In markets like the current one, it is best to select an agent who is aggressive and always available to meet you. Agents who often work with buyers will be well aware of the struggles that buyers are having in the fast-paced market. Agents who simplify the process can help you beat out competing buyers which will improve your chance to solidify a deal.
Make an Aggressive Offer
In a competitive market, you don’t always have the luxury of time to be picky. If you have toured many homes and have lost out on several occasions then you may be asking for too much in your offer. Listing agents can often times receive 10 or 20 offers on a property and have to sort through and present them to their sellers. Some buyers are offering thousands of dollars over asking prices for an increased chance of getting the property. If you want to compete, you have to keep up and move quickly.
A good real estate agent will know the best way to strategize an offer and make it as attractive as possible to sellers. Discussing your offer tactics before you select a particular home is a good idea so that your process will go much smoother. The best plan of attack is to learn your market, develop a strategy and stick to it.