Competing in today's market buyers must be prepared for a long haul due to inventory being low. Many buyers are preparing themselves to build to avoid the hustle and bustle in the home search process. However, we have three tips to help buyers that want to avoid building and find their dream home in today's market.
1 - Buyer's must SAVE like they have never saved money before. Save enough for a competitive offer, earnest money, closing costs and down payment for the home you would like but be mindful not to tap into your savings. We do not recommend becoming house poor. Our agents are available to help you understand what a competitive offer looks like for the home you are interested in without sacrificing your savings.
2 - Offer above list price, especially for the home that feels right. If the home feels right and meets everything on your home list be sure to send in a competitive offer above list price.
3 - Be prepared for an appraisal gap, once the home is appraised your offer above list price will most likely stay as is even though the home could be valued for a few thousand dollars less. Example: The home list price is $150,000. Your competitive offer is $160,000. The home is appraised for $150,000. The sale cost for the home may still stand at $160,000.
It's more important now than ever before to work with an experienced agent to help you understand the home buying process in today's market. Our agents are experienced and available to assist you in your real estate goals. Connect with them today!
Also, learn more about the Buying Mistakes To Avoid in our email newsletter - 10 Mistakes Homebuyers Should Avoid.
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