Are you shopping for a new house? When prices and demand are strong, a seller’s market prevails. This means bidding wars and potentially losing your dream home to a competing buyer. Make yourself a serious buyer and increase your chances of getting what you desire by taking our advice below.
Here are four tips for house hunting in a hot local real estate market.
- Do Your Research Ahead Of Time
You will need to move quickly. Making an effort to do all your research ahead of time will ensure that you do not have to later, once you’ve found the perfect dream home. Find a good real estate agent, ask what documents will be needed for the process, and get them assembled before you start looking. Browse real estate listings to get an idea of what’s out there and what prices are like in different towns.
- Get A Mortgage Pre-approval
Once you have found your property, you may discover that other buyers are interested or have submitted bids. In this case, it is crucial that you can demonstrate that you have your mortgage financing pre-approved. Remember that the seller wants to close their sale quickly and for the best price. Showing up with pre-approved mortgage financing proves that you are a serious buyer. Putting down more money can make your offer more attractive to the seller and the lender, so start saving as soon as possible.
- Be Ready To Go
Be ready to pounce on the right listing by knowing ahead of time what you want. Then when you see it, you can pull the trigger.. A hot market means that you won’t be the only potential buyer checking out a home. The last thing you want to do is end up losing the chance to buy your ideal house because of unnecessary delays. The more flexibility you can have in terms of financing and moving dates, the faster you can get an attractive offer out when you see what you want. The real estate market moves quickly, and even more so during hot markets.
- Small Sacrifices Can Often Save the Deal for You
Sometimes you will have to make a small sacrifice to close the deal. For example, the seller may want some special terms added to the agreement. Or they might ask you to pick up some of the closing costs or move the closing date. Whatever the case, keep in mind that a hot market means that you lose a bit of leverage. If it’s a small sacrifice, it might be worth it.
Buying a house in a hot real estate market can be challenging, but a little preparation will go a long way in ensuring you are the winning bidder. Do your homework and you won’t regret it.
Grand Oaks Funding offers residential and commercial mortgages with personalized service in New York, New Jersey, Pennsylvania and Florida. Talk to us today if you have any questions about this information. We’re here to help! Call 718-477-4405 or contact us through our website.