This market can be tough for buyers; here’s how you can still win.
Are you looking to buy a home? If so, you probably know that it’s a tough market for buyers. That’s why today I want to share five tips to help you purchase a home in today’s market:
1. Get fully pre-approved. Don’t settle for pre-qualification. Have the lender take you as far into the process as possible. If you can become fully underwritten, do it. The farther you get in the process, the stronger your offer will be.
2. Be open minded. Every buyer has must-have items. Try to be as flexible as you can be about them. Inventory is very low, so the wider you cast your net, the better chance you’ll have of winning a great home. Expanding your search area is a great way to find more properties you’ll love.
“Set up a strategy meeting with your agent so you can have your head in the game.”
3. Understand some basic terms and strategies. What does it mean to buy a home as is? If you don’t know, it might be time to educate yourself. Appraisal gap clauses, lease-back agreements, escalation clauses, and other terms are becoming more common in today’s market, so you need to understand them. Set up a strategy meeting with your agent so you can have your head in the game.
