In the current real estate market, a continued lower supply of housing paired with high buyer demand has resulted in a highly competitive atmosphere for buyers, with most homes receiving multiple offers. According to the latest Realtors Confidence Index from the National Association of Realtors (NAR), homes today are receiving an average of 4.2 offers! Let us break down how to navigate this new norm as a buyer so you have better chances of finding your next home!
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Know Your Budget
The most critical part of your success as a homebuyer is truly knowing what you can afford. Not crunching numbers beforehand can leave you unprepared for the current competitive pool of buyers. The best way to see what your budget can get is to get pre-approval for a loan with a lender. Plus, having pre-approval will show sellers that you’re serious about buying. As you work with your budget, it’s important to keep in mind that current homes are often selling above their listing price, so making an offer at price is likely not enough. Got a specific neighborhood in mind? A real estate agent can help you by letting you know what other properties are selling for in the area.
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Things Move Fast
If you’re a slow mover, then you’ll need a crash course in speed for today’s hot housing market. Homes are spending less time on the market, so the pace of sales are fast, so be prepared to keep up. Since homes are moving at fast rates, you need to be on top of the latest listings and be ready to quickly put together your best offer when you find a home you’d like to buy. Feel under water? An agent can help you stay afloat by assisting you with listings as well as compiling an offer.
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Put In A Strong, Enticing Offer
As the current market stands, it’s key to remember that you should put your best offer forward at the start. When most homes for sale are receiving multiple offers, this isn’t a time when you can save your best hand, or offer, for later. Putting up your best offer from the get-go can help you stand out against others who may not have done the same. Your real estate agent will also help you put together an offer that will be the most enticing to the seller. Other ways to make your offer stand out is to waive some contract contingencies, although make sure not to waive important ones such the home inspection.
If you’re ready to get started on your home buying journey, reach out to the professionals at Finch & Gable Real Estate! Our team will walk you through what you can expect as a buyer and how to kick off a successful home search in today’s market.
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