Tips for Buying a Home in Today's Hot Market
Planning to shop for a new home soon? It probably won’t come as a surprise that many other people across the country are doing the same thing. Despite the high demand and low inventory, historically low interest rates make it a good time to buy. Here are a few tips to help you beat out the competition and land your dream home.
Get Preapproved. Before looking for homes, obtain a mortgage preapproval so you’re ready to make an offer and know exactly how much you can afford. Multiple offers are common in this hot market, and being preapproved will show the seller you’re able to secure financing and the sale will go smoothly with you as the buyer.
Choose the Right Agent. With homes often being scooped up the first day or two they’re on the market, it’s vital to work with an experienced agent with deep market knowledge and top-notch negotiating skills to get you to the closing table.
Make a Strong Offer. If you find a home you really like, move quickly to make a strong and realistic offer. Putting down a larger earnest money deposit and being flexible on the closing date also might appeal to a seller weighing multiple offers.
Don’t request favors. This is definitely not the time to ask the seller to give you the refrigerator or washer and dryer.
Virtual Showings, Mortgage Process. If you are concerned about buying a home during a pandemic, I’ll give you the choice of viewing homes in-person, when possible, or virtually. You can also conduct almost the entire mortgage and closing process remotely, completing and signing mortgage documents digitally.
For more details on how I can guide you through the entire home search and buying process, contact me today to schedule an appointment.