Though things are looking up for the housing inventory, which is projected to increase after hitting record lows in the first half of 2021, it is likely going to remain a seller's market for a while. In light of this knowledge, what can you do to give yourself the best chance at securing the home of your dreams this summer? Read on to see our top tips for becoming a competitive buyer.
1. Take the Time to Get Pre-Approved
Entering an offer situation that could end up in a bidding war without pre-approval often means the difference between nabbing your dream home or losing out. Getting fully qualified beforehand makes a seller more confident in your offer and increases your odds of acceptance.
2. Consider a Fixer-Upper
Many home buyers are seeking move-in ready homes and for good reason. However, in an environment marked by low inventory, considering a home that just needs minor cosmetic repairs - not major problems - may be a good tactic if you are serious about getting into a new place.
3. Expect a Bidding War & Come Prepared
There's not much you can do when it comes to bidding wars; they are the natural byproduct of a market saturated with buyers yet lacking homes for sale. But coming in prepared does help your chances, so if you find yourself in this situation, remember: don't let your emotions take over, no matter how much you like a house, and trust your instincts when it comes to exactly how much you're willing to pay and what concessions you'll make for the home you have your eye on.
It's true that seller's markets can be challenging for buyers, but having a seasoned real estate specialist on your side gives you a leg up on the competition. Contact your local Arthur Rue Agency agent today to get started on your home buying journey or to get the latest information on local market trends.
Posted by Angela Silvi on