The weather is heating up and so is our real estate market. Being a buyer in a seller’s market can be stressful, but it doesn’t need to be. If you follow these tips, you will be in a better position to edge out the competition in a hot housing market.
1. Get yourself a good agent
It is particularly important in a hot market that you have an agent working for you. An experienced real estate agent can let you know as soon as listings hit the market and sometimes even before they do. Your agent can also be your ear to the ground, provide you with market insight, and guide you through the process. Our agency has a team of brokers that are ready to assist you.
2. Line up your financing
A seller will give your offer more serious consideration if it is submitted with a pre-approval letter. If you need help, ask your agent for lender recommendations. If you work with a lender that is well regarded by other area agents, it could make the difference between whether the seller accepts your offer over another one. Everyone wants a smooth transaction and if the listing agent perceives that the transaction will go smoother and close on time because of the lender that you are working with, they will likely let the seller know that. Even if you won’t be financing your purchase, go the extra step by having a proof of funds document to present to the seller.
3. Do your homework ahead of time
Get familiar with the neighborhoods and condominium complexes that interest you so that you know what to focus on. Look at a sampling of properties to get an understanding of location, amenities, and value and have any lingering questions answered.
4. Be ready to act fast
Time is of the essence in a hot market, as multiple offers happen more regularly. The kids are out of school, summer is in full swing and life gets busy, but don’t take your eye off the ball. Keep in communication with your agent, watch new listings and price reductions, and be ready to make an offer quickly if a property comes on the market that you like.
5. Make your offer stand out
Decide what you can compromise on and what you can’t. Try to make your offer as clean as possible. Consider removing inspections or shortening the contingency period, putting down a higher-than-customary deposit and even offering above asking price. Every situation is different and this is when your agent can be invaluable with guidance and insight.
If you follow these tips, your chances of acceptance are far better than those of a buyer who is unprepared. As the saying goes, luck is what happens when preparation meets opportunity. These are words to live by in a hot market!
If you want to work with an experienced agent that you can trust to help you navigate a hot market, give us a call today, or our visit our office in South Ridge Lodge.