Tips for Buying in a Competitive Market
We all know that there has been a recent real estate market boom. Buyers are looking to change up their surroundings, and home prices are up. While this time may be great for sellers, the average buyer can be at a disadvantage in this competitive market.
We have prepared some tips below that you may find helpful, as well as working with one of our experienced agents.
1.) Prepare, Prepare
Doing your research can be helpful to you when it comes to understanding the current housing market.
Attend open houses, hit the computer and tour homes virtually so that you may start making decisions on what kind of home you want to buy. This will familiarize you with current selling prices as well as make you a more confident buyer. When the time finally comes to make an offer, you’ll be able to act quickly and avoid making mistakes you’ll later regret.
2.) Determine and Stick to a Budget
Before you start on your home search, make sure you have your finances in order. Meet with a financial advisor to ensure your financial picture is sound and that you have a good down payment. Pull your credit report and make sure there are no major gaps that could later be called into question. And gather up other documents that you’ll need to help make it easier on yourself down the road: income verification, bank statements,address history, debt information and more.
3.) Identify Desirables
Begin to make lists of all of your most desirables. What neighborhood would you like to live in? How many bedrooms do you need? Are there any must-haves that you’ll be looking for in a new home? Now is a good time to assess wants vs. needs. Do you really need that extra bedroom or do you just want one? Knowing what you’re willing to give on is important when getting ready to dive into a competitive market.
4.) Get Pre-Approved
When the market is hot Pre- Approval is a must have. Pre-approval allows you to be taken a little more seriously as a buyer and will have sellers to consider you first before other potential buyers who haven’t been pre-approved.
5.) Find a Great Agent
Finding a good Realtor is arguably the easiest and most crucial part of any home buying process. We can say this because Metronet Realty is home to the best brokers in New York. We will be able to not only find and show you newly listed properties, but help you with your offer, act as a liaison with the seller’s agent and answer any questions you may have about the process.
6.) Be Ready to Make Quick Decisions
There have been instances where homes spend 12 hours on the market before someone snatches them up. So, once you’ve found your dream home, you need to act fast. Because of all the preparation work you’ve done in advance, you should be able to make tough decisions quickly and decisively. And don’t worry, your agent will be a big help to you here, too!
7.) Stand Out in the Crowd
Making a competitive offer is the first way to make yourself stand out among all the others competing for the same home you are. Offering a higher price, making a bigger down payment, or being flexible with the closing date—these are just a few financial ways to let the seller know you’re in it to win it.
9.) Don't Give Up
Truthfully speaking, you may not secure your dream home on the first try. Home inventory is remarkably low and when homes do come on the market, they tend to sell remarkably quickly. This means you may have to wait a while before you can finally sign on the dotted line. But don’t give up! Keep looking at houses, putting in offers and playing the waiting game. We promise it will pay off eventually!
Want to learn more?
Give us a call! We would love to help you on your home buying journey.