If you are looking to buy a home in the crazy, low inventory housing market there are 3 things you will need to have. PREPARATION, PERSISTENCE AND PATIENCE.
PREPARATION – You have to be prepared. Meeting early in the process with an experienced buyer’s agent and reputable local lender are key. The experienced agent will be able to discuss strategies and help you understand what it will take to be successful in this market. The local lender will be key in the preparation process by showing you what type of loan you qualify for, and helping you understand closing costs etc.
PERSISTANCE – With many properties receiving 10-20 offers it may take several attempts to get an offer accepted. In most cases a strong cash offer will win out over financed offers. If you are using a mortgage to purchase your home, it’s hard to compete against cash. With financed offers, the larger the down payment the better. In addition, there are numerous other terms that be used to strengthen your offer.
PATIENCE – If you don’t have the appetite to be a fierce competitor you may want to be patient as we look to the future and the hope that more homes will come onto the market in Summer and Fall. Because of the frenzied market, many buyers might be tempted to settle for a home that really doesn’t check all the boxes. Perhaps being patient will need to be part of your strategy.
If you are considering buying during this unprecedented market please reach out to the Shocket Team and we can help you be as competitive as possible. #shocketteam