If you’re currently trying to buy a house, you know that the market is very competitive. Depending on the area, homes are getting snapped up in hours or days instead of weeks or months. While many variables are driving these conditions, one thing is clear – it’s pretty challenging to buy a house.
Fortunately, challenging doesn’t equal impossible. But unfortunately, it can all feel overwhelming if you’re trying to navigate the real estate industry right now. Fortunately, here are some top tips on making it work for you to move to your new home.
Step One: Start With an Agent
Since homes are going so fast, it’s virtually impossible to keep up with new listings as they come and go. Unless you have the time, patience, and energy to manage these listings, it’s best to go with an experienced real estate agent. An agent can potentially secure listings that haven’t gone up yet, and they can help you coordinate elements like home inspections and walk-throughs.
When comparing agents, work with one with experience in a similar market. This way, you can be confident they know how to handle the stress and logistics of home-buying under these conditions.
Step Two: Get Financing and Inspectors Lined Up
Once you’re ready to make an offer, you need to be able to pull the trigger as quickly as possible. So, if you’re waiting on the bank to approve a loan, you’ll likely lose to another bidder. Ideally, you can make a cash down payment, but if not, a pre-approved mortgage loan is far better than nothing.
Also, inspections have to happen quickly so you can close faster. So have your agent line up some inspectors who can offer last-minute walk-throughs. This way, you can avoid potentially unwelcome delays.
Step Three: Be Ready to Compromise
Unfortunately, buying a house in a seller’s market means extra competition. For example, what if another buyer is ready to pay cash immediately for the property? What if a seller is willing to bid higher than you? Overall, you’ll have to determine which concessions to make ahead of time. You know what you’ll accept this way, and you’re ready to bargain immediately. Also, consider when you want to resell and move again. If you’re looking for a permanent home, you’ll have fewer concessions. However, if you’re planning to move within five years, you can be more flexible.
Step Four: Consider Fixer-Uppers
Right now, homes that are move-in ready will go almost immediately. But, even if you catch a listing and can go to an open house, you’ll be competing against many different buyers.
One way to avoid some of these hassles is to focus on homes with some issues. While you want to avoid any financial disasters (i.e., sunken foundation, outdated electrical wiring), figure out which problems you can fix yourself after moving in. Then, you’ll open yourself up to various options that may not sell so quickly.
Get Moving Help for Your New Home!
Once you close on a house, the next step is moving in. We can help you make the most of your new home, so contact us for a free quote.