Here are some tips that may increase your chances of buying the home you desire in a competitive housing market, and lower your chances of losing out to another buyer.
1. Get prequalified for a mortgage. This way you can make a firm commitment to buy and your offer will be more desirable to the seller.
2. Stay in close contact with your real estate agent to find out about the newest listings. A great home can go fast so be ready to see a house as soon as it goes on the market.
3. Scout out new listings yourself. Browse websites like REALTOR.com, check your local newspaper's real estate ads, and drive through neighborhoods you like to spot For Sale signs. If you see a home you like, write down the address and the name of the listing agent. Your real estate agent will be able to get the listing info and schedule a showing.
4. Be ready to make a decision. You should know in advance what you want in a home so you won't be unsure when you have the chance to make an offer.
5. Bid competitively. When you find the right home and want to put in an offer you may not want to start out offering the absolute highest price you can afford, but don't go too low either. In a tight market, you could lose out.
6. Keep contingencies to a minimum. Restrictions such as needing to sell your home before you move or wanting to delay the closing until a certain date can make your offer unappealing to sellers. If you do need to sell your home in order to buy, one possiblilty may be a bridge loan to cover both mortgages for a short period.
7. Don't get caught in a buying frenzy. Even though there's competition it doesn't mean you should just buy it. You want your offer to be attractive but don't neglect inspections to find out the exact condition of the home or you may be sorry.
Amy McAllister Realty LLC 541-490-1436
Hood River, Oregon amym@gorge.net
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Disclaimer: I assume no responsibilty for accuracy of information provided within this post and blog. Many entries on this blog are based on the opinions and ideas of the author and are provided without warranties of any kind, either expressed or implied.
Agreed on all counts! Especially #4 - hesitation is one of the biggest mistakes buyer make.
Wow! You're my neighbor :) I bike up there all the time! In a way it's probably better that everyone else doesn't realize how gorgeous Hood River is! You are a lucky lucky girl to live there year round!!
I hope you'll call me when you next hit the city. I'd love to meet you!
Lots of good advice! I think when a buyer is ready and has all their financing in order, they shouldn't hesitate and I'll bend over backwards to make the offer on the home they choose work for them. Thanks for the info!