5 Tips for Buyers in a Highly Competitive Market
- tahosemann
- Oct 27, 2020
- 2 min read
It's a HOT sellers market out there! Inventory is historically lower than it ever has been. Buyers are struggling to find homes...
So, you're a first time home buyer in this crazy market... You've put an offer on a home that you've loved and lost on. Or maybe you haven't even had the chance to put an offer on a home before it went under contract.
Or you've had thoughts like "no way i'll ever be able to afford anything in this market" or "let me just wait until things calm down before I even start looking."
I get it! It's a frustrating market we are living in. Homes are selling within hours of being on the market, listing agents taking advantage of that and pricing homes higher than they appraise for, and people are eating it up!
You are supposed to enjoy the home buying process and I completely understand where you aren't in today's market. Here's 5 tips for buyers looking in this highly competitive market...
#1 Know Exactly What You Want
Really know the type of home you're looking for. Including size, location, number of beds & baths, basement, parking, etc. This will help narrow down your focus on listings that are a good fit.
#2 Get Your Financing Pre-approved
In a hot seller's market, getting your financing pre-approved will give you an advantage. Do this now, so you will know exactly what you can afford and be ready to make an offer.
#3 Be prepared to act fast.
When the market is hot, good listings don't last long. You don't want to miss out! When you see a listing you like, schedule a viewing right away.
#4 Know Your "No Regrets" Price
Great homes in a seller's market will often get multiple offers and sell over asking price. Ask yourself this - what is the highest amount you are willing to pay for this property with no regrets? Losing out on a home for an amount you would have been comfortable with is disappointing.
#5 Consider writing a letter or doing a video telling the sellers how much you love their house.
Homeowners are emotionally attached to their homes. They take great price in every room, every upgrade, and feature and want their home to go to someone who will love it just as much as they do.
If you have any questions about the home buying process, please feel free to contact me. I would love to walk you through it!
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