Anyone looking to buy their first, or second, home need to ready themselves for a surprisingly competitive market. Home are in short supply and prices are nearing a four-year high. This means that sellers are at an advantage at the present and attractive homes to garner multiple offers in just a few hours!
What can a buyer do to appeal to sellers and be the one who ends up with the home? Here are 5 ways you can snag their dream home in this seller’s market.
Always Get Pre-Approved First
Figuring out what you can afford is a crucial step. Sellers like to avoid nasty surprises. Being pre-approved shows the seller that the homebuyer is serious and financially able to purchase their home.
Meeting with a mortgage advisor and getting pre-approved is how it’s done. With Dash Mortgage, you can get pre-approved online in just 15 minutes. The system will pull your credit history and look at your current financial information to determine precisely how much of a mortgage is affordable. The pre-approval can then be used as part of their offer letter.
Don’t Waste Precious Time
A hot real estate market is no time for cold feet. You should proactively create a list of must-haves and be ready with an offer when they find a home that meets their requirements.
Taking too long to mull over whether they like the house, the neighborhood, or the price can result in a dream house being sold right out from under you.
Always research pricing in the neighborhoods you like, and lean on your real estate agent for helpful guidance. Low-balling an offer is not likely to be received well in this competitive market. Making a fair, reasonable offer close to, or even above, the asking price is the best course of action to land the home you want.
At A Personal Touch
If sellers feel like they know the buyer, they are more likely to choose them over a faceless offer. Include a personal letter with the offer. Go into detail about why the house is appealing. Add personal details about what you wants to do in the house like raise children, plant a garden, or enjoy baking in the kitchen.
If all buyers are equal, a heartfelt letter just might tip the scales.
Some sellers prefer unloading their house fast. Others may want to wait to move until their kids are out of school or the new home they are building is ready.
You buyers may need to dig to get this information but it can be used to their advantage. Being flexible might just set them up to be the best choice for the seller.
While challenging, it’s not impossible to end up with the house of your dreams in the current market. With a bit of planning, decisiveness, flexibility, and a pre-approval from their trusted mortgage professional, you can make homeownership a reality in the very near future!