Tips to nab your dream home during peak buying season
Summer is peak home buying season and that means the competition can be fierce. Use these five tips to stay ahead of the game and land the home of your dreams.
Work with a realtor you trust
No matter what the market is like, it’s important to work with a real estate agent you feel comfortable with and trust. This is especially important during peak buying season when the advice of your realtor can be the key to getting the perfect home. Your realtor should be an expert in your market and your go-to source for advice when it comes to buying your home. If you don’t already have a trusted real estate agent, asking friends for referrals or relying on sites like Yelp can be useful in finding a dependable person to work with. Ask questions and get to know your potential real estate agent. You’re going to be spending a lot of time with them and looking to them for advice so you need to feel 100 percent comfortable.
As soon as you find something you might like, book a showing ASAP. In a hot market, waiting a day or two to see a new listing can be the kiss of death. New properties go quickly, especially if they are a good deal. If you don’t go see it right away, it may be under contract before you even get the chance. Don’t miss out on the perfect home because it was inconvenient to view today.
A pre-approval can give you an edge over other buyers who haven’t taken this extra step. Pre-approval signifies that you are a serious buyer and you can afford the home you are interested in. If your market is really competitive it can even be prudent to get a conditional approval to really give you that extra advantage over other buyers. Learn more in our post, “All Mortgage Approvals are Not Created Equal.”
Put an offer in right away
Purchasing a home is a huge decision and not something to be taken lightly, but hemming and hawing over whether a home is the right fit can take the decision out of your hands. If you like a home, it’s best to get your offer in right away. The last thing you want is to lose out on your dream home because you weren’t decisive enough. If you aren’t sure about a home then take your time, but be prepared for the possibility of the home being gone before you make your decision.
Make your offer competitive
It is one thing to put in a low offer if a house has been on the market for a long time or the comps show that the home is priced too high. But if the home is priced properly and hasn’t been on the market very long, a low-ball offer could cause you to lose the home. Furthermore, if homes are moving fast in your area, a completive offer is a must to avoid a bidding war. Depending on your market, it may even make sense to make an offer at or above the asking price. This is where your real estate agent comes in. They know your market and should be able to provide guidance on what type of offer you should put in.
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