Advice for Buyers in the Current Market

Most reports on real estate are saying that it’s a clear seller’s market. While there are many advantages for sellers due to low inventory, there are pros to being a buyer as well, such as the record low interest rates for a home mortgage. Starting the homebuying process in such a competitive atmosphere is not always easy. Read on to learn what you can do to make the process smoother.

Top 3 Steps to be Prepared as a Buyer

1. Speak with a lender: Right now it is practically required that a buyer is already pre-approved for a mortgage. When you receive pre-approval you know a definitive price range and are able to move much faster when you find the right home.

2. Decide on your “must-haves:” Every buyer has non-negotiables when it comes to their new home. Knowing what is a must will help narrow your search and ensure you only see houses you’d have a real interest in. Also, be prepared with a list of things you would like to have, but that are not required. Having an idea of preferences will be helpful for an agent in determining your desires.

3. Be ready to compete: Inventory is significantly less than normal right now. As a result, homes are receiving 3+ offers on average. Prepare yourself to be in competition with several other buyers and try not to get frustrated if your offers are not being accepted.

How to Make a Winning Offer

There are several things that can be done to help create an offer the sellers will accept. First and foremost, have a loan pre-approval in hand. Less than half of potential buyers plan to get pre-approval, so this is a great way to show the seller you’re serious. Work closely with your real estate agent to submit a fair offer fast, and be prepared to be flexible or negotiate. Some factors that may push your offer to the top are flexibility with move-in, less contingencies, and a high sale price.

Are you interested in buying but aren’t sure where to start? Now more than ever it’s important to partner with a successful agent to help you find your dream home. Our team is happy to meet with you and discuss your options! Reach out to ‘The Key to Real Estate’ today!