The real estate market has a tough competition, and it can be really exhausting at times. You may fall in-love with impeccable school district, lists of local attractions or convenient commute that got you attracted to the area. But as the bidding wars start to get serious, you may start wondering if it is a god choice to buy in a seller’s market. But there are ways to avoid the seller’s market trap and still be able to buy that perfect patch of property you have been wanting.
No matter where the area you want to buy, listings for homes in recognized neighborhoods are usually thin on the ground. And when these properties do get into the market, it usually doesn’t stay that long because of the numbers of interested buyers waiting for it to be included in the inventory. With that in mind, if you really want to buy in a hot market, you might start thinking about starting your house hunt earlier.
If you are really interested in a particular property, get as much information as you can in advance. Get your property reports, disclosures and offer due dates. You can usually request these documents through your buying agent. It will also save you a lot of time if you have your proof of funds & pre-approval ready so by the time the property hits the market, you are always ready.
This can be a make or break move for first-time homebuyers. If you are sure that you want to make an offer, always believe that other interested parties may have also thrown their hats on the ring. By anticipating about a multiple offer scenario, it can help you come out ahead of the race. Always remember that for really hot markets, a day or two is all you may have to get your offer submitted after viewing the home. Check with the seller’s agent concerning the offer deadline so you can be sure that yours is submitted on time
And as you put your offer together, take into account the maximum amount you are willing to pay. Also make sure of the compromises you willing to make and how flexible you can be when it comes to your closing schedule. It may seem overwhelming buying a home amongst fierce competition, but do not let this discourage you. With good preparation, you will be ready to secure the house of your dreams.
