The decision to buy a home comes with a lot of processes and can be overwhelming at times, especially in a hot market. With emotions and stress running high, you may find that you’re worried you’ll make the wrong decision. While buying a home is a big decision, there are some tips to buying in a hot housing market. Let’s take a look.
5 Tips to Buying in a Hot Housing Market
One of the most important tips to buying in a hot housing market is to get pre-approved. This means that by the time you are browsing homes online, scheduling showings, and putting an offer on a home, you’re already approved for a home loan. Additionally, aside from looking better to the seller, getting pre-approved early gives you a better idea of how much house you can really afford.
Figure out the area where you want to buy
Doing research on your favorite community before you start the home buying process can help speed up the time to close. Figuring out things like commute times, neighborhood feels, school districts, and walkability can help you narrow down your decision. In a hot housing market, you don’t necessarily have time to be as picky as you’d like, so note what items you’re willing to compromise. If you know you can’t live more than 30 minutes away from work then that helps you narrow down your decision and speed up the home buying process.
Make competitive offers
Some buyers think they can negotiate with extremely low ball offers. When there is a line of 8 offers for a house, a low ball offer will get passed up real quick. You must make your best offer so you can compete and have a higher chance of being accepted. If possible, try to eliminate any contingencies that will make a seller move on to the next buyers.
Work close with a real estate agent
Having a great agent in your corner can make your home buying process seamless. As much as you’re scouting out listings, they are also sending properties your way. They are also well-connected to their markets and may find out about a listing before it even hits the market. When inventory is low and homes are selling fast, having an expert on your team can give you an edge to your competition.
If you’ve spent hours preparing your budget and scoping out areas to live in, you can feel confident that you’re making the right choice for you and your family. If you’re feeling extremely attached to a home that you didn’t get, it may affect the way you see future homes, including homes that may be perfect for your family.
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