Are you worried about the trends of your local real estate market? You see homes selling at lightning speed every day with rising bidding wars, you see buyers having little or no time for proper negotiations as home prices stay on the rise by the days. Some buyers try judging the market using their experience trying to buy their first home. Some either think of how they lost on other negotiations or how they paid far too much for a property than it is worth. The reason might be you were just too slow in making an offer for the home. Some buyers end up regretting they should have rented for some time and build their financing before taking on the market.
Just because your local market is a sellers’ market doesn’t make it impossible for you to get a perfect deal on your dream home. Before you face the market, you need to, first of all, get some base knowledge of how things are done around your area, try to get someone to educate you on the trends of the market. Hiring the service of an experienced agent with tracks of good records should be your top priority. Read further and learn more of my tips that work in all real estate market so you can get your dream home at a price that suits you.
- Get pre-approved: Being pre-approved with a lender means knowing your worth and what you can afford. Being pre-approved tells the seller how qualified and serious you are to make further negotiations. You need to determine and stick to a budget, know how much you can borrow. You need to take into consideration the additional cost of owning a home including utilities, taxes, and Your lender will help you determine a final budget you can comfortably afford.
- Go house hunting: When searching for your dream home there are some things you need to take into consideration which includes a suitable neighborhood, putting in place your home needs versus your desire. Buyers may need to compromise when housing inventory is tight, you need to compromise on what you think you need from a home. Your neighborhood should tell much about your home and needs to be properly addressed during the home search.
- Request showing: As soon as a home is found with the features of your dream home, waste no time to request a showing. Remember it’s a sellers’ market and anything can happen the next day. You know what happens to those who hesitate.
- Make an offer: If you like what you see, go for it. Make a clean offer with the help of your agent. Make an undeniable offer to be 100% sure of ownership. You might want to offer the seller with favorable concessions such as a flexible closing date.
- Hire an agent: A real estate agent will guide you through the buying process and make sure you don’t spend unnecessarily. Consider an agent with knowledge of your local area.
Have more questions? The Sherry Riano Team is the best mortgage lenders in the entire country! They will answer every question about home buying and make sure that you are getting the best rates in the Triangle.