Home Buying Tips in a busy real estate market:
The local real estate market has seen significant improvement in activity in 2013. Prices have been on the rise and inventory levels are low. Those properties that are competitively priced are attracting many buyers with potentially competing and multiple offers.
- Even before you are ready to buy, spend some time with your Realtor to discuss your “wish list” and realistic price range. You should be familiar with the inventory so that when you are ready to buy, you can recognize a well-priced property.
- Visit open houses and preview properties to establish a basis for values. Select a Buyer’s agent who knows and understands the local market.
- Line up your professional team to help you navigate through the homebuying process. You should develop a trusted relationship with an experienced buyer’s real estate agent, real estate attorney, professional home inspector, and mortgage lender.
- Discuss your financing needs with a mortgage professional and have a pre-approval ready to go. A pre-approval from your lender will hold more weight than a pre-qualification letter.
- If you are competing with other offers, make your offer as strong as possible with your highest and best price with few or no contingencies. The strongest offer will be for cash and without inspection contingencies, but this is not always recommended or possible.
- You can provide a very strong and competitive offer if you have 20% down payment, or offer a significant deposit which demonstrates to the seller that you are committed to buying the house. Have a trusted home inspector ready to complete the inspection within a few days of your accepted offer.
- Sellers will not only look at your offer amount, but consider the easiest path to complete the transaction. Find out what the sellers’ timeframe is for moving and offer to be flexible with their timeframe. Some sellers appreciate a personal note from a buyer which could sway their decision if other terms are similar.
You may or may not find yourself in a competing offer situation, but be prepared if necessary to make your offer as strong as you can.