Today’s spring market has never been faster. With homes hitting the market, they are sold within hours after receiving multiple bids for way over the asking price. With rates still low, buyers are able to get financing at favorable rates while sellers are able to capitalize on their investment through a home sale.
Most of the listings are intentionally listed a little low to get a lot of attention, and it’s not uncommon to get 5 to 10 offers on one property. By the end of March, inventory for available homes has dropped considerably making it even harder for new home buyers to make their next move.
As a buyer, how are you able to win during these bidding wars? Are you armed with the best information to help you purchase the home you want?
Here are 3 simple steps you should be taking as a buyer to help you navigate today’s housing market:
- Get Pre-Approved – Finding out how much you can afford is the first step you should take in home buying, period. Walking around without a pre-approval is simply just a waste of time. In our area, working with a local lender is key as most of the big banks are frowned upon by sellers due to the complications that can arise from condo questionnaires.
- Work With A Knowledgeable Realtor – A lot of buyers tend to think that going from one open house to another is the best way to do it. The reality is that they are spreading their contact information all over the place and getting hounded by agents to vie for their business. Find an agent that you feel is a good fit with your personality and let them do the work finding the homes. That’s what we do!
- Be Prepared to Offer Concessions – If a home is priced correctly, there will be multiple offers. With today’s lending rates, money has become cheap to borrow making the average buyer able to afford just a little bit more. A lot of buyers today will offer credits in home inspections and waiving a portion of their appraisal to make their offer stand out in the eyes of a seller. Writing a personal note to the seller sometimes hits home with the owenrs as well!