How To Win In A Competitive Real Estate Market
In today’s real estate market being a homebuyer can be a challenge with so few homes on the market. Trying to purchase a house in this type of market can make the already complex process of buying a home even more overwhelming than it already can be for some. Here are a few helpful suggestions for how to prevail in a competitive market.
Stick to your budget
When listings are scarce, bidding wars can drive up prices, so buyers must be prepared to walk away if the asking price surpasses their budget. That being said, it is best as a buyer to get pre-qualified by a reputable mortgage agent and keep to your comfortable budget while you avoid letting any emotions make you overspend.
Do a wants vs. needs assessment
There is no perfect home that has everything. Something always has to give where you make a sacrifice, even if it’s just changing decor to match your specific taste. However, in a competitive landscape you may need to decide what is a need and what is a want so you can find a home that can be most accommodating.
Prepare to make quick decisions
Most homes are not on the market for long in a seller’s market like today. Don’t take your time when the right property comes on the market. Move quickly if you are interested enough to submit an offer.
Make your offer competitive
Offers that are very low don’t typically win in a seller’s market. Beginning with your best foot forward is better as there can sometimes be other offers. It is also a wise idea to limit your contingencies as that is part of your offer’s value. Being flexible with things like the move-in date can make a bid stand out to a seller.
Work with a Realtor
Work with an experienced real estate agent like myself as I can provide expert advice and help you navigate a competitive offer situation. Local experienced agents can give buyers the competitive advantage needed in a tight market.