HOW TO: Buy in a Tight Market

The National Association of REALTORS® publishes a guidebook with a TON of great information to help buyers understand what to expect during the real estate purchasing experience. We’re posting some of our favorite articles here.

Interested in learning more? E-mail us for your own copy today! katie@movemetotx.com

Increase your chances of getting your dream house in a competitive housing market.

Get prequalified for a mortgage.
You’ll be able to make a firm commitment to buy and your offer will be more desirable to the seller.

Stay in close contact with your real estate agent.
Your agent will be on the lookout for the newest listings that meet your criteria. Be ready to see a house as soon as it goes on the market — if it’s a great home, it will go fast.

Scout out new listings yourself.
Browse sources such as realtor.com and local real estate listing sites (HAR.com). Set up alerts for the neighborhoods and characteristics you’re looking for. Drive through your target neighborhoods, and if you see a home you like for-sale, send the address and listing agent’s name to your agent, who can schedule a showing for you.

Be ready to make a decision.
Spend plenty of time in advance deciding what you can afford and must have in a home so you won’t hesitate when you have the chance to make an offer.

Bid competitively.
Your first inclination may be to start out offering something less than the absolute highest price you can afford, but if you go too low in a tight market, you will likely lose out.

Keep contingencies to a minimum.
Restrictions such as needing to sell your home before you move can make your offer unappealing. Remember that, if the market is tight, you’ll probably be able to sell your house rapidly. You can also talk to your lender about getting a bridge loan to cover both mortgages for a short period.

But don’t get caught in a buying frenzy.
Just because there’s competition for a home doesn’t mean you should buy it. And even though you want to make your offer attractive, don’t neglect inspections that help ensure the house is a sound investment.
Coldwell Banker United, Realtors – Greenway Plaza
MOVEMETOTX – Katie Day Team
2 Greenway Plaza #150 Houston, TX 77046
Phone: 832.317.6006
Email: katie@movemetotx.com
Web: http://www.katiedayteam.com | http://www.movemetotx.com

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s