With the property market being highly competitive at the moment, it’s important to put yourself in the best possible position before starting the process. With the market not showing any signs of slowing down soon, speed, efficiency and planning will be your key to success in securing your home. Our latest article gives you some valuable tips on buying a home in a competitive market.
Do your homework
Buying a home in a competitive market means you’ll need to move swiftly and make very quick decisions. First, get to know your current housing market. Go to open houses, tour homes virtually and start making decisions on what kind of home you want to buy. Putting in that legwork will help you become familiar with the local market and current selling prices as well as make you a more confident buyer.
Get the right agent
We might be a little bit biased, but it’s still true. You need a great agent to represent you when you’re planning to buy a home in a competitive market. Be sure to get recommendations from friends and family and even online reviews can give you a good idea of who might be a wise choice. We strongly believe It is always worth using a local independent estate agents who will have a good knowledge of the area and will be able to give you valuable advice on the market.
Get your finances in order
It’s a fact that the better your financial picture is when entering the home buying process, the stronger your offer will be. Before you start on your home search, make sure you have all your ducks in a row. Meet with a financial advisor to ensure your financial picture is sound and that you have a good down payment and consider looking at your credit report and make sure there are no major gaps that could later be called into question. And gather up other documents that you’ll need to help make it easier on yourself down the road: income verification, bank statements, address history, debt information and more.
Be ready to move quickly
Once you’ve found your home, put in an offer right away, if you are sure. Have your negotiating strategies at the ready (an agent will be happy to help you figure these out in advance), and know how high you’re willing to go in a multiple offer situation. This part is not for the faint-hearted-you may have to make quick and sometimes daunting decisions, but we can guide you all the way.
Being flexible and an easy person to work with is paramount in buying a home in a crowded market. It’s important to make a seller’s life easier for them, so consider doing things like letting them pick the closing date if you can afford to do so. If you are in a property chain this will be harder to do but is a great piece of advice for first time buyers.
For further information and help on buying a home in a competitive market, please contact us here.