The more you read about buying a home, the more daunting it looks. The property inventory is low, prices are on the rise, and new buyers are entering the market every day.
There are going to be hurdles no matter when you decide to buy a home and no matter where in the country you want to buy. The goal is to make a plan before you start your home search and have a great agent by your side. If you know when you want to buy and where you want to buy, your agent will help get you to the finish line. The six tips below will help ensure that you are prepared for the challenges of a seller’s market so that you can make the best choice for your future.
- Get Preapproved Now – Make sure you have met with your lender and confirmed your approval before you make an offer. Being prequalified and preapproved are not the same thing so make sure to get a letter that makes the distinction.
- Don’t Wait Until the Weekends – While it might be easier for you to coordinate your schedule on the weekends, try to get to listings on weekdays before the crowds. If you wait until the weekend, you will miss out on a lot of potentially great opportunities. Plus, if you are the first person to see a listing, you can be the first to make an offer.
- Consider Homes that Need Work – With the speed that homes are selling, most move in ready properties are asking for top dollar prices and often get multiple offers. If you are open to some projects, consider older homes or those that need some TLC. The pricing will be less aggressive and will allow for you to make the property suit your needs.
- Put Your Best Offer Forward – Price isn’t always the most important factor but it is always important. Don’t offer low and expect to negotiate up. Don’t request additional add ons to the deal, like appliances or a paint color change. Have a strong offer up front so if there are others on the table, there is less to knock yours out of the running.
- Be Realistic About the Inspection – All inspections will unearth issues, even in new construction. The more competitive the market, the less likely a seller will be to do additional work in order to close the deal. Just know that home defects come with the home buying process. The goal of the inspection is to let you know what you couldn’t initially see in the walkthrough.
Don’t let the stresses of a tight market get you down. The better you can prepare before you start your search, the better you are positioned to get your offer accepted when you find your dream home. House hunting is possibly the most exciting shopping experience you will ever do. Once you get those house keys, it will have all been worth the preparation.
To get started on your home search, contact our agents at Better Homes and Gardens Real Estate Metro Brokers today at 404.843.2500.
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