The Mendosa Balboni Team knows that being a buyer searching for a home these days can be a real challenge with so few homes on the market. “Attempting to purchase a house in this type of market can make the already complex process of buying a home even more overwhelming,” the National Association of REALTORS® notes in a recent release. We are pleased to share NAR’s five recommendations for how to prevail in a competitive market.
Find a Realtor
Always work with an experienced real estate agent or team like the Mendosa Balboni Team as we can provide expert advice and help you navigate a competitive offer situation. “They can give buyers the competitive advantage needed in a tight market,” NAR states.
Wants versus needs
There is no such thing as the perfect home. Typically something has to give where you make a compromise, even if it’s as simple as changing the decor to match your taste. However, in a competitive market you may need to identify what is a “need” and what is a “want” so that you can find a home that can be most accommodating.
Keep to your budget
“When listings are scarce, bidding wars can drive up prices, so buyers must be prepared to walk away if the asking price surpasses their budget,” according to NAR. Always be sure that as a buyer you get pre approved by a mortgage agent and stick to your comfortable budget so you can avoid letting any emotions drive you to overspend.
Prepare to make quick decisions
Most homes today are not on the market for long being a seller’s market. Don’t hesitate or waste time when the right property comes on the market. Act quickly if you are interested in touring the home and submitting an offer.
Make your offer competitive
Lowball offers don’t usually win in a seller’s market. Starting with a strong offer is better as there can be additional offers. Remember to limit your contingencies as that is also part of your offer’s value. “Removing restrictions related to the sale of a current home and being flexible with things like the move-in date can make a bid stand out to a seller,” NAR notes.