My clients had been looking for several months for the right home, and we had seen a few that were close … but not close enough. So, they were well aware that they had to be prepared to act fast when the right house became available. Then it happened! They had ratified a contract on this impressive five-bedroom 1908 Victorian home within eight hours of the home hitting the private exclusive market!
How did we do it? To help navigate this market, here a few tips on how to be a successful buyer.
IN THIS CONTINUING COMPETITIVE MARKET, IT IS STILL A GREAT TIME TO BUY A HOME
Mortgage interest rates remain low, providing home buyers with a lot of buying power. If interest rates go up, a home’s affordability will change. The good news is that for 12 consecutive weeks, the number of new listings is outpacing the number of homes going under contract. Although inventory levels are still low, it’s declining at a slower rate than we’ve seen in a while. Even with this slight slowdown, the market is still strong, with demand exceeding supply.
GET A REAL ESTATE PROFESSIONAL: In this multiple offer environment, you can’t go it alone. A real estate agent knows the market best.
BE READY TO BUY: Be a buyer, not a shopper. Don’t hesitate and make the strongest offer you can if you see a home you love.
HAVE YOUR FINANCING IN PLACE: You’ll need more than just a lender’s preliminary pre-approval. Make your offer stand out by getting approved with Prosperity Home Mortgage’s Buyer Advantage Program. This loan commitment is as good as a cash offer, without being a cash offer.
GET AN INSPECTION FOR INFORMATIONAL PURPOSES ONLY: If you waive the inspection or chose to have one done for informational purposes only, purchase a home warranty so you’ll be protected.
All of this takes time and effort, with professional guidance of a highly experienced agent with excellent communications and negotiation skills, and with connections to all the reliable resources you will need, from inspectors, mortgage financing, insurance carriers, contractors, to settlement companies,
If you’re thinking about buying or selling a home in this competitive market, I will be happy to assist you successfully achieve your real estate goals.