Home buyers get ready for a wild ride this spring. We are shaping up to have another spring buying season that has low inventory and a high number of buyers. With this being the case, it is important to know how to navigate this market to put you in the best position to win when you write an offer on a home that you want to buy. Here are 5 tips to set you up for success in the home buying process.
- Listen to your real estate agent. Connect with an agent you trust and let that agent guide you. Do not trust you emotions. Your agent can help you stay focused on what is important to you and not allow you to compromise on your must haves or your financial needs.
- Know your budget. It is important to know how much house you can afford. It is also vital to be pre-approved before you start looking. Only 44% of today’s prospective buyers are pre-approved. This alone can help you stand out as a strong, serious home buyer. It can give you an edge in a competitive offer situation.
- Be ready to make a decision. When you find a home you like be ready to write an offer right away. The National Association of Realtors has said that the average property being sold today is receiving three offers and is only on the market a total of a few weeks. That is from when it goes on the market to closing. That means that you do not have the ability to “sleep on it” or you will not be sleeping in the home you love.
- Make a fair offer. This is where the agent for the buyer should call the listing agent to find out what is important to the seller so that those wishes, if possible can be included in the offer. This is not the type of market for a buyer to get a “deal.” Your agent can help you arrive at an offer that is based on the market value of the home, based on the location, condition and recent sales in sales in the area.
- Be a flexible Negotiator. Once a seller has received your offer they can accept the offer, reject the offer or counter with their own changes. In a competitive market it is important to be flexible. The seller may want a different closing date or want to keep the washer and dryer for example. Being flexible, can mean success for you in the negotiation process. Now what is important and also be ready to walk away if the seller is asking too much.
During the emotional time of buying a home trust your agent to help you keep you on tract, navigating the market so in the end you end you becoming a home owner.