The ever-changing housing market will always keep the buyer and seller guessing. If you are a buyer, it is always nice if the market is a buyer’s market. Even when the market is up, down, or somewhere in between, professionals in the industry have some tips on how to buy a home in any market.
1. Help Your Offer Stand Out
In a seller’s market, there will almost always be multiple offers on the home you are making an offer on. To get ahead of the game, it is a good idea to get pre-qualified for a mortgage. This will give you a rough estimate of how much you can afford. To ensure that you are able to purchase the home you want to make an offer on, get a verified approval letter from your lender. This will let a seller know that you are a serious contender and you can go through with the offer.
2. Partner With an Experienced Agent
A local real estate agent will be able to battle for you in any kind of market. They have extensive knowledge in the local market and can also refer you to a local lender. You can go into a home showing with the knowledge of the comparable property selling prices in the area and an agent can get you into pocket listings. Pocket listings are usually sold privately and are not listed on MLS. Agents also keep up with one another, so your agent can get the scoop and help you make an informed decision on which way to go.
3. Check Out Affordable Alternatives
Your budget might not be in line with your dream home, so you may want to shift your focus. Focus on your must haves and share these with your real estate agent. If you can move into another area that is cheaper, that can also be a way to get the home of your dreams. To check out other areas, use a cost-of-living calculator which can help you compare housing costs, and other factors in different areas.
4. Sweeten Your Offer
You want to get your offer a second glance, so you want it to stand out. You don’t just have to work with the purchase price on a counter offer, you can also negotiate other factors. An example would be if a seller is still shopping for a home, you can rent back their home after you purchase it. This will make your offer more attractive over others.
Remember purchasing a home is a big deal no matter what kind of housing market we are in. Be sure to choose a lender and a real estate agent who will help you with the home buying process from start to finish.