Buying a home in a highly competitive market can be a daunting task. With record low inventory and rising prices, buyers need to be prepared to act quickly and decisively when they find the right property. The good news is, there is plenty you can do to increase your chances of getting the home you love – and can afford.
In this article, we will provide some tips on how to successfully purchase a home in a competitive market. We will cover topics such as being realistic about your budget, how you can be prepared to act fast in a quick paced market, and how to raise your chances of having you offer accepted. With these tips in mind, you can increase your chances of success when buying in a highly competitive market.
1. Know exactly what you want
It is important to understand exactly what you want in a future home. Get crystal clear on the type of home you’re looking for including size, location, number of bedrooms, parking etc. Knowing what features and amenities are essential to you and your family will help narrow down your search and focus on listings that are a good fit.
2. Get your financing pre-approved.
When you are looking to buy a home, getting pre-approved for financing is an important step. It can help you save time and money by ensuring that you have the necessary funds to purchase the home of your dreams. It will also give you an advantage at offer time.With pre-approval, you can confidently move forward in the process of buying a home knowing that your financing is already taken care of. So don’t leave this to the last minute, do this now! If you need recommendations for a good mortgage broker would love to help.
3. Be prepared to act fast.
When looking for a new property or listing, it pays to do your research and be ready to move quickly. Good listings don’t stay on for long. You don’t want to miss out! When you see a listing you like, review everything available online first, then schedule a viewing right away if you feel it could be the one.
4. Know your "no regrets" price.
Great homes in a sellers market will often get multiple offers and sell over asking price. Ask yourself this – “what is the highest amount you are willing to pay for this property with no regrets?” Losing out on a home for an amount that you would have been comfortable with is disappointing. Be sure to run any numbers by your bank/lender.
5. Consider writing an offer letter or filming a short video telling the sellers how much you love their house.
Homeowners are often emotionally attached to their homes. They take great pride in every room, every upgrade and feature and want their home to go to someone who will love it just as much as they do. Properties don’t always go to the highest offer! Expressing your interest and appreciation for the home can give you a leg up in the decision process.
Are you considering buying or selling?
Give us a call at 403-245-4477 do discuss your needs OR check out our current listings!
