With such a competitive sellers’ market out there today, it can be frustrating if you’re looking to buy. There’s a very low inventory, which means the houses that do go on the market are snagged up almost immediately by eager buyers. Having a buyer agent on your side can help you maximize your chances of getting a home in this economy.
Here are some tips for buying a new home in a tight market.
1. Communicate With Your Real Estate Agent
What exactly do you want in a new home? Let your agent know so they can be on the lookout for homes in your price range and with the amenities you want. You’ll have to be practical, and willing to compromise on some things. Figure out what attributes are non-negotiable and which things you would like to have but that aren’t imperative.
2. Get Pre-Approved NOW
It’s important to get a pre-approval letter right away. You need this in hand when visiting properties, because if you love the home, you have to be ready practically immediately to put an offer in. If you aren’t pre-approved, many agents won’t even take you to see a home. Plus, you don’t want to have to wait to get approved before bidding on a home, as this could put you at a disadvantage compared to other buyers who are ready to pounce. Your real estate agent should know some reputable lenders and put you in touch with them.
3. Be Flexible
You have to be prepared to move quickly. Tell your real estate agent immediately if you are interested in a property so they can set up a showing and get you in before the home is under agreement. Also, be prepared to submit an offer the same day you view a property. This is how fast things are selling right now. The seller holds all the cards right now. Be flexible. You may want to be so flexible that you would waive the inspections and appraisals as well. Your agent will have the negotiation skills you need to snag the best deal.
4. Have Patience
When home inventories are historically low, buyers need to have a lot of patience. There aren’t many homes available, so it can be discouraging when you have to wait for one that’s acceptable to you to come on the market. Perhaps you’ve put in several bids, but they were not accepted, even though they were over-asking. This can get overwhelming. You may wonder WHY? But again, this is why you have a real estate agent. They can recommend what bids you should put in for the highest possible chance for success. It WILL happen, you just have to be patient!
Get in Touch With Berkshire Hathaway Premier Properties
For more tips on buying a new home in a tight market such as this one, contact Berkshire Hathaway Premier Properties today at 832-626-4889. Our agents would be happy to help you navigate this stressful yet exciting time.