Tips for Buying a Home
in a Tight Market
These tips for buying a home in a tight market will help you increase your chances of buying your ideal home versus losing it to another buyer. These tips are not just for tight markets. They are relevant for hot properties and highly desired subdivisions.
Suppose you have your heart set on moving to a certain subdivision or area where homes rarely come available "For Sale." After months of watching the area 2 or 3 homes are now available in this subdivision. Prepare yourself so that you can successfully bid and win one of those homes (preferably the best one)! When buying a home you have to be ready to "play ball." In great areas, with great prices, schools and amenities the competition is usually stiff. Remember, other home buyers have similar taste and desires like you do. In cases like these, once you're pre-approved you cannot afford to wait around to see if they will lower the price or if other homes in that subdivision will come available. Check out these easy buying a home in a tight market tips.
GET PRE-QUALIFIED FOR A HOME MORTGAGE
In this way, you'll be able to make a firm commitment to buy and make your offer more desirable to the seller. Visit the
Home Loan Pre-Approval Benefits.
STAY IN CLOSE CONTACT WITH YOUR REALTOR
Stay in touch to find out first about new listings that come on the market. And be ready to go see a house as soon as it goes on the market! Visit
Find a Realtor.
SCOUT OUT NEW LISTINGS FOR YOURSELF
Look at internet sites, newspaper ads, and drive by the neighborhood frequently. Maybe you'll see a brand-new "for sale" sign before anyone else.
BE READY TO MAKE A DECISION
Spend lots of time in advance deciding what you need in your new home so you won't be unsure when you have the chance to make an offer. Visit
New Home "Wish List."
BID COMPETITIVELY
You may not want to start out offering the absolutely highest price you can afford, but don't try to go too low and get a deal. In a tight market, you'll lose out. Knowing how to bid and NEGOTIATE competitively could save you a lot of money in terms of the price you pay for the house, the amount of closing costs you pay and any un-repaired items left by the seller. To learn "how-to" bid and negotiate your offer, purchase our e-book:
How to Buy Your 1st Home SUCCESSFULLY only $9.95.
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. Try to have everything in order where you are free and clear to purchase the home without any stipulations.
DON'T GET CAUGHT IN A BUYING FRENZY
Just because there's competition doesn't mean you should just buy anything! Although you may want to make your offer attractive, don't neglect inspections that help ensure that your house is sound. Don't get too caught up in cosmetic appearances (i.e. new paint, flooring, and fixtures) that you think the home is in good shape. Be careful, because cosmetic touch-ups could be problem areas covered-up! Always invest in a home inspection.
Return to "Homebuyer Advantages HOME"
Return to "Tips for Buying a Home in a Tight Market"
|
