In today’s crazy market conditions, it’s natural to worry about losing out to other buyers. So what should you do? Should you just throw in the towel and wait until next year? No, you should definitely not do that. Here are a few key tips to keep in mind as you plan to buy a home in a hot market:
1. Get pre-approved BEFORE looking at homes. It’s critical to start with an authentic budget. Figure out how much home you can afford by getting pre-approved for a mortgage before you begin your home search. If you don’t, sellers won’t take your offer very seriously.
2. Learn what to expect before you shop. I want all of my clients to be knowledgeable about the market, so before we even view one home, I provide a 30- to 40-minute buyer’s consultation. That way, they’ll know every aspect of the buying process and it gives them the opportunity to ask any questions. During those consultations I’ll also tell my clients to think deeply about why they want to buy a home; the answer they give helps me distinguish between the things they want and the things they need in a home. It’s good to be firm on your needs but flexible on the rest. Remember, a house may not be HGTV-ready, but it can be improved over time.
3. Don’t let negative emotions get in the way. Buying a home will bring out the emotions in all of us, but please don’t let any negative feelings disrupt the process. Anxiety can lead to you rushing to a bad decision or getting stuck and making no decision at all. Pace yourself to prevent frustration.
4. Narrow down the list of homes you like. Pare down your list of homes to only the ones that fit your budget and criteria.
5. Stick to your price range and priorities. There are many concessions you can make to win over a seller, like being flexible on the closing date, waiving home inspections, or putting down a larger deposit. The hotter the market, the more concessions a buyer is usually faced with, but don’t waive any protections that you can’t afford to lose.
Whether you’re looking to buy or sell a home, reach out to the Air Assault Team. We look forward to working with you.