In this highly competitive market, where real estate inventory can not keep pace with buyer demand, what can you do to ensure you are prepared for success when buying a home? These tips are culled from a recent blog by Trulia entitled, The Skinny on Skinny Inventory.
1. Be Prepared
Think like a Boy Scout and be ready for anything! You should talk to an agent, a lender and a home inspector BEFORE you find a home that you want to make an offer on. Being intentional, pre-approved, and prepared will allow you to move on the accelerated timeline that comes with a highly competitive market. If you show up ready to go fast, with financial approval already secured, your bid will be that much more attractive to a seller.
2. Think Strategically
If you are a first-time buyer looking for your dream home, being strategic and flexible about closing dates can help your offer stand out from the rest. But even if you are already a homeowner who will also have to sell your other house, just be upfront about your timeline with your agent who can help you with contingencies in any offers you make.
3. Find the Ugly Ducklings
If you can’t find what you are looking for out of the gate, finding a fixer-upper or a home that needs a little love might be the best way to guarantee that you get a home in the neighborhood that you want. Consider looking at homes that have been on the market for a while. There may be a good reason why (which could be a deal-killer) but if you luck onto that ugly duckling you can be ready to turn it into a swan. The worst house on the best block will go for a steal and offer instant equity once you fix it up!
In today’s market, full of bidding wars and tough competition, finding a way to stand out from the rest by getting creative will improve your chances of having a home to call your own. I am ready to help you!