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4 Tips to Buying in A Competitive Market

When shopping for a home, it is important to keep a few things in mind in order to get the home you are after. Here are a four great tips for finding and buying the right home in a competitive market.

1.) Contact a Real Estate Agent

Real estate agents have their finger on the pulse of the housing market. They will be the first to know when a new property is listed or about to go on the market this will help get you in the door for a tour before other buyers. In a competitive market, this is key to taking advantage of good deals because well-priced quality homes sell very quickly.

2.) Plan Ahead, Get Pre-Approved

Begin planning your finances around your home purchase. Speak with potential lending agents and work to keep or improve your credit scores. It is possible sellers will get multiple offers on a home, deciding which offer to accept may depend on the buyer’s financing choices. Your real estate agent can assist you with a Pre-Approval letter. This can help in two areas: estimating your payment and determining a budget.

3.) Keep an Open Mind

With lower inventory, there are few homes on the market to choose from. This may mean you need to consider making changes to the home you purchase. Be sure to think carefully on what your home needs and leave room in the budget for the needed renovations. A well informed real estate agent is a great resource for ideas when it comes to renovating your new purchase and can help you estimate costs. It is also a good idea to talk to a contractor about the renovations before you purchase the home.

4.) Be Ready to Act

With your agent spotting fresh listings, be ready to make informed decisions. Think carefully about what your new home must have and what you can make an exception on or add later, making these choices ahead of time will make the final decision easier. You should always make sure you are making a responsible choice when purchasing a home, but be ready to make an offer quickly when you find the right one for you, waiting too long may mean you miss out.

Keeping these tips in mind you and your real estate agent can find the right home event in a competitive market!