Markets rise and fall, but if you’re trying to buy a house when the market is extremely competitive, it could be very challenging to land the home you really want. Here is some helpful, expert advice on how to get what you want when the housing market is red hot:
Seek Preapproval Before You See The Condo
If you haven’t been approved for financing yet, don’t even start looking at houses in a competitive market. Sellers understand that they have the advantage and aren’t likely to wait around for you to get approval; they could sell the home in the time it takes for you to process your paperwork. Be approved beforehand and you have a shot, to
Visit Homes As Soon As They’re Put On The Market
Have your real estate agent ready to pounce on a new listing, so you can be the first or one of the first potential buyers to view it. Sit down and discuss all the details about the home you want, so the agent knows exactly what to look for and can get your name at the top of the viewing list. If you’re preapproved and know the home provides everything you’re looking for, drop everything and go have a look. Any hesitation could put a qualified buyer ahead of you and if an offer they make on the home is accepted, you’re out of the deal,
Do Not Try To Haggle The Seller
If a home you’re interested in has a fair price, don’t expect it to linger on the market for very long in a competitive housing environment. That means if you attempt to talk the seller much lower on the price, they may close the door on you. Because they know the house will sell and for the price they’re asking, they have no cause to haggle with you. No matter how much you’re accustomed to trying to attain a better deal, resist the temptation and work with the asking price.
Offer Cash If Possible
One thing that will put you in a more favorable light than other buyers is your ability to pay in cash. If at all possible, be prepared to do this and under those circumstances, you should automatically be placed at the top of the seller’s preferred buyer list. Sometimes, the buyer may even be willing to negotiate the price if you have cash in hand.
Accept The House And Sale As It Is
In a competitive market, any given detail could give you an advantage or take it away from you; therefore, it’s imperative that you don’t seek any kind of concession from the buyer, lest he or she immediately see you as complicating matters or costing them money. If you know you want the home and are willing to pay the asking price, don’t give the seller any reason to call on other buyers waiting in the wings. Being able to recognize when a house is impacted by a competitive market should dictate just how you approach the sale of it. Understand the markets, the area and all of the elements that influence the sale of the home and you set yourself up for success, which ultimately should land you the condominium of your dreams