We’ve had a front row seat to the great victories of recent home buyers. But we’ve also seen a series of disappointed home buyers who thought their dream of home ownership could be something quickly obtained. After dozens of open houses and with a pocket full of unaccepted offers, these buyers have asked what they can do. Some listing agents and successful buyers agents have suggested the following 5 tips:
1) Hire a Real Estate Agent.
It is crucial that you hire someone who is not only experienced, but also knows the market you’re in. A buyer’s agent will not only help with finding you homes to see, but will see you through the entire buying process. This includes: home showings, contractual paperwork (offers and purchase contracts), negotiations, and inspections.
2) Get Pre-Approved.
We typically tell people there are two loan amounts: the figure you can qualify for and the figure you’re comfortable with. Sometimes those loan amounts are the same, other times they’re drastically different. Understanding both and entering the housing market with a pre-approval makes all the difference.
3) Know where you can compromise.
Is an open lay out floor plan or school district most important? Cape style or Ranch? When inventory is low, it’s important to know what you are willing to give up in order to get what you want.
4) Be ready to move fast .
If you’re financially and mentally ready, there’s nothing to gain by waiting around. Home prices and interest rates have been following a general incline. Ask your Realtor to subscribe you to MLS emails so you know when a home hits the market and don’t be afraid to put in an offer if you love something!
5) Be an easy buyer.
According to Realtor.com 80% of sellers will also be buyers this year. Most of these sellers are using the proceeds of their sales to purchase their new home. Be willing to show the seller you can be flexible. We see some buyers agree to a 3 week closing and others agree to rent the home back to the sellers for a month or two until they close on their own deal.