There are a few things to keep in mind when buying a home in the face of stiff competition from other buyers.
First, you need to have as much information about the houses as possible before hunting for that perfect one. Then, get pre-approval, and be sure to do your homework on any property before making an offer or agreeing on a price. Second, make sure you’re ready with all your finances lined up, so you don’t get caught off guard with unexpected costs like inspection fees or repairs after purchase. Third, it may not hurt to bring along an agent who can negotiate for you – especially if there is more than one buyer interested in the same house at auction time.
Consult With a Real Estate Agent
A real estate agent can help you put in the best offer for a property and maintain communication between yourself and the seller. Some information about the property will be coming directly from them, so make sure to choose someone with whom you are comfortable working.
Make Sure You’re Financially Ready
Being financially ready before buying any home means ensuring that all of your finances are lined up and that there won’t be any surprises after purchase that could cause financial distress or delays in you moving into your home. If you’ve got a down payment ready, it may be a good idea to wait until you can save up a bigger one before making an offer on any property. The larger the down payment, the less mortgage rate and term will matter – try not to apply for a loan or put too much borrowed money into buying your first home because that would leave very little in savings after purchase.
Get Pre-Approved Before Buying
While discussing how to get pre-approved for financing before going house hunting to help make sure you are within budget, it is also helpful when trying to submit a winning bid on a property.
Get a Pre-Approved Loan
There is no better time than now to get pre-approved for a loan. A pre-approval can help establish your wealth, and you’ll be able to afford more because of it. Plus, it will help speed up the process of finding a home in this strong seller’s market.
Search Multiple Areas
It’s important to search multiple areas, so you don’t miss out on anything. Use Redfin or Trulia to find homes in the area you’re interested in. You want to stay flexible, so you have as many options as possible.
It takes time to find the right house in today’s competitive market, so be prepared for it ahead of time by setting short-term goals (and meeting them) as well as long-term goals (and working toward achieving them). Never lose sight of what you want and keep searching until you have found it.