Winning as a buyer in a fast-paced market can seem intimidating, but with these tips and tricks, you’ll be better equipped to get into a house that you love!
How can you win in a fast-paced market with houses lasting an average of 10 days before a ratified contract? Here are some tips and tricks to help!
You WON’T win if:
- You are writing offers contingent upon your house going under contract/selling first
- You are making LOW offers on properties new to the market and priced right
- You don’t have your financing buttoned up and a lender letter in-hand
- You wait 5 days to see a new listing that is a good fit for you, ESPECIALLY if it’s under the $300k range and in a populated owner-occupied area
- You don’t have an agent aggressively looking for you and notifying you immediately of new houses coming online!
- You draft an offer with incomplete lines, ambiguous terms, or incomplete addendums
- The offer goes counter to what seller’s needs are
So how DO you win?
Some strategies for success if you want to move to a new home, you must have a plan and roadmap.
- Get a buyers agent – use a professional to work FOR you, who has proven success in the market, and will be able to fight on your behalf to get you into that house you want!
- Get your financing buttoned up! It REALLY helps if you have a reputable local lender letter in hand. Know exactly what type of loan you are getting, how much money down you will be placing, how much your closing costs will be. Lenders will get your estimate down to several hundred dollars. Be VERY informed so that there are no surprises on your end!
- Be informed of the market and get on with your search!
- Go online – your buyers agent can set you up with alerts from the MLS every time a home in your criteria hits the market! realtor.com is also an incredibly helpful resource compared to other online home search sites
- Eliminate locations, styles, prices that you know will not be a good fit! Remember, buying a home is a process of elimination
- Don’t hesitate, if the home fits your needs, act fast!
- Make a decision that you are confident will be free of regrets. Right home, right neighborhood, right price!
- At the same time, don’t buy a home ONLY because another party wants it! If this home isn’t a perfect fit, there will be one that is!