As a buyer, navigating a seller’s market can seem like a daunting task. However, there are a few key tips you can use in order to be a prepared buyer in a seller’s market.
First of all, get pre-qualified. This is a critical step. I’d be more than happy to help connect you with a reputable lender who will talk you through the different available loan products. Understanding the different loans that are available can give you a better idea of what will work best for your individual circumstances.
Do keep in mind, though, to not deviate too much in your spending habits during your qualification period. Large purchases, like a new car, or purchases outside of your routine can vastly influence the outcome of the qualification period.
Your lender will qualify you at the uppermost level you can afford based on your debt and income, but take care to also alert them of your comfort level. You should always be comfortable with what you’re going to be spending. This is an extremely important factor.
The next thing to do in order to be a prepared buyer is to meet with an agent, like myself, to perform a search on the MLS—the multiple listing service. With the MLS search, you’ll be notified of updates more quickly than you would be by other websites, such as Realtor.com, Zillow, or Trulia.
The search will be based on what you want and need in a home. However, if you’re notified of a home that fits your criteria, you’ll need to move quickly. A well-priced, good-quality home will not last long on today’s competitive market. Staying alert and being ready to seize opportunities as they come will be critical to your success.
Thirdly, understanding the offer and contract process ahead of time will greatly help you to feel and be prepared as a buyer. Items such as the deposit money, inspections, financing contingency and appraisal contingency, as well other important items are all key to this process.
These are the kinds of things I review in detail with buyers in order to help them to compete in a seller’s market. Competitive offers are a common thing in this kind of market. In situations where your offer is up against others, you should always put your best foot forward.
If you do have a home to sell, be aware of its value. My team and I can help you by setting up a comparative market analysis notification. Finally, if you are leasing your property, make sure your landlord has ample notice of your move.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.