Easy Tips for Buyers When Navigating a Hot Real Estate Market
Posted by Adrienne Wilson on Saturday, May 7, 2022 at 2:00 PM
By Adrienne Wilson / May 7, 2022
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Well, it's no secret that we are in a very HOT market right now AND we know that has generated a lot of fear for those wanting to jump in. However, here are some tips to help ease those feelings and make your process easier.
Editoral Credit: Kate Wood
What is a "hot market"? A hot real estate market exists when home inventory is low creating high competition and you feel like you're on an emotional rollercoaster.
That said, the first thing you should do is arm yourself with a base knowledge of the buying process. We recommend a Home Buyer Seminar. You can register for one here.
Now, on to the tips!
1. SCROLL: Spend some time looking at what’s available
The idea is to get a sense about the kinds of homes and neighborhoods you like (or don’t), and which features matter to you.
2. Find a good real estate agent
Having a buyer's agent is particularly important as you will want someone who’ll alert you to listings as soon as they hit the market, if not before. Also, an agent will know how to make your offer stand out.
3. Expect to compromise
Holding out for the "perfect" home may not be an option in a hot market. It is a smarter approach to think of ways you could make a "good enough" home meet your needs. Flexible expectations can give you more options.
4. Have your financing in order
A preapproval shows sellers that you're serious. Therefore, you want to compare mortgage rates from several lenders, and get a mortgage preapproval from two or three lenders. Options are key!
5. Sweeten your offer
Waive contingencies, offer a seller rent-back, and a quick close are just a few. Keep in mind each situation is different and may require a specific strategy, so please ask your agent about other possibilities.
6. Be patient
Keep calm and maintain a level head to prevent buyer remorse. If you start to feel fatigued talk with your agent. Make sure they understand how you feel and update them if you would like to switch things up in order to find your home.
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