One of the driving forces in today’s nationwide competition amongst buyers to win the opportunity to purchase a home for top dollar is low inventory. This means you need to have all your ducks in a row. When you go house hunting, the best homes will sell first or will have fast-approaching offer dates with fierce competition. Here are the 5 things to do before you head out for your house hunting!
1. Get your funds lined up and Get Fully Preapproved (which means it’s been underwritten).
Having the money and loan ready to close will prevent you from getting the home you want to swipe right out of your hands. Be prepared to wire out your initial deposit which is usually 3% of the purchase price within 24 hours. So make sure those funds are liquid. Have your verification of funds for downpayment and closing costs available. To show sellers you’re the strongest candidate – you can show funds in a stock account or a bank account.
2. Be mentally ready to decide on the most significant financial decision of your life quickly.
Remember some homes are selling in days, not weeks or months. Sometimes you only get to see a home one time for 15 minutes and then you decide.
3. Have your inspectors or someone knowledgeable in home construction on your speed dial.
Because it’s likely you will not be able to do any of your own inspections on the property before you decide to buy it. Having someone you can call or facetime with questions, or who will come out with you to look at properties may ease those anxieties. You will most likely have seller-provided inspections that you can ask questions about. However since the competition leads to non-contingent offers you need to be ready.
4. Sacrifice some wants and expand your search.
If you can’t find the house you want, be willing to give up some “nice to haves” for some “must haves”. If your top priority is the neighborhood consider finding the least expensive in the area that you can afford and upgrade over time. If you find your ideal neighborhood is too competitive or pricey consider looking in neighboring areas that can offer similar lifestyles. And more of what you want for the price you want to spend.
5. Understand that list price can have nothing to do with the sale price.
Who you work with matters, get A Real Estate expert to guide you on today’s market prices. And let you know what it’s going to take to win it. If you’re ready to win, I’ll Some people concern themselves with how much over asking they are paying but never consider that the listing agent may have purposefully underpriced the listing to get multiple offers. What matters is what someone else will be willing to pay. If you’re already writing an offer write to win!
If this was helpful please comment. If you have any real estate-related questions or you’re deciding whether to buy or sell or not, contact me and Schedule it now on my calendly.
