Winning the Right Home in a Competitive Market

Winning the Right Home in a Competitive Market
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There have been several hot markets around the country the last couple years and it can be hard for buyers to get the upper edge. Homes are selling for more than the listing price with-in mere days of being posted to the MLS. This can make homebuying stressful and seem hopeless for buyers that often find themselves in high competition with other buyers and bidding wars.  

If you go into your home search with a patient mindset and these tips you can land that home you are looking for.  

  • Get Pre-approved 

Many real estate experts will tell you in a fast-moving market, being pre-approved is not an option when home shopping, it’s a must. Sellers are looking for buyers that can make an offer and back it up with proof of financing to complete the deal.  

When you put in your offer include a letter from your bank stating your pre-approval and that they have already underwritten your loan application. Showing you have solid financial backing will put you above other buyers and sometimes ones with higher offers.  

  • Know What You are Looking For 

Now that you have been to the bank and know a general price point for your new home it is time to do some final decision making. When you made the first decision to purchase a new home you probably had a picture in your head of what your new home might look like, but now its time to sit down with all decision-makers involved in the new home busing process and decide what you really need and want in a home.  

What price do you really want to pay for a home? How large of a home payment are you comfortable with? What neighborhood do you want to live in? What are the non-negotiable needs for your new home? How many rooms do you need etc.? Making these decisions will reduce your search down and help your agent to point you in the right direction to help you find the right home in a more timely manner.  

Related: Simple Ways to Say Goodbye to Renting and Hello to Buying

  • Find an Agent 

Though much searching is started online, most real estate deals are negotiated and closed by experienced local real estate agents. An agent that knows the area like the back of their hand and has relationships with other local realtors will help greatly to give you an edge over other buyers looking at the same homes. So do your homework when choosing an agent to make sure you have one with plenty of expertise. 

  • Be Available 

When you or your agent discover a potential home that has just been listed you will want to be available to view it as soon as possible. In a competitive market, many well-priced homes can sell within just a few days of being listed.  

Read More: Key Negotiating Tricks When Submitting an Offer

  • Make Your Offer Stand Out 

When dealing with competing offers yours needs to be memorable. This is another area where using an experienced realtor can really help. They can advise you on what a strong offer will look like and also get to know the buyer and what they are looking for in an offer from the buyer’s agent to help compile a strong and memorable offer that will get noticed.  

More: 4 Things Not to Do When Buying a House

Getting your offer noticed does take a little finesse but also the knowledge and experience of a great agent that's been doing it for years. Ask your agent about their experience and make sure you choose experience over charisma.

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