Is Your Local Real Estate Situation Too Hot?

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Is Your Local Real Estate Situation Too Hot?

15 February 2022
 Categories: Real Estate, Blog

It's no secret that home sales are popping all over. Even winter's dreary days have done little to cool things off in many areas. If you are a seller, then congratulations on your big sale. If you are a buyer, however, you may need to make some adjustments in the way you usually shop. Read on for some tips on getting your offer approved even during a white-hot market situation.

Know What You Can Afford

There are fewer things more frustrating than making an offer on a home and being unable to get a loan approval afterward. Failing to get a lending pre-approval letter before you begin looking for a home is a giant waste of time. This type of approval also increases the odds that the seller will take your offer to buy the home seriously and merit more than a passing glance.

Speed is Key

You can also save time and thus improve your chances of finding the home you really want by doing a lot of prep work beforehand. Know what your main priorities are with a home and then make a list of things that would be nice but not completely necessary. This removes the hesitancy from the equation once you find a home that could work for you. For instance, many homes are sold during the open house right after it's been listed. Be confidant that the home is all that and be that person ready to make an offer. Thinking about the purchase for too long is not a good idea in a hot market. Homes go quickly and may be sold while you are still contemplating things.

Expect Perfect Imperfections

All homes have issues, some more than others. Even new homes have problem areas, so don't expect a home to be perfect. Homes may have problems that need attention, or they might need some remodeling work. Look beyond the obvious and consider the great location, price, and the basic bones of the home. Other things can be dealt with later. In a hot market, you may also find yourself having to compromise on things that cannot be changed, like the location. Don't get so set with your choices that you are not flexible enough to recognize a good deal when you see one.

Get With Professional Help

Real estate agents have an inside track when it comes to available homes for sale. Speak to an agent in your area and get a better idea of the pace of the market and a view of who you are competing with to find a home.