In this seller’s market, it can be difficult for homebuyers to navigate the waters. Often times, buyers are coming up short and missing out on the homes they want by making these mistakes. As cliche as it sounds, hiring a realtor that knows his/her stuff, will go a long way in getting you where you need to be. Check out these tips for more ways to nail down your next home purchase.
Tip 1: Get Pre-Approved
I can’t preach this enough. This is the number one reason buyers miss out on the homes they want. Do yourself a favor. Contact your trusted lender. Make an appointment, send them an email, give them a call, write them a letter, send them a signal via morse code . . . just get in touch and find out what you can actually afford. Because when the time comes for you to actually submit an offer, you need to do it with your pre-approval attached. And why are you looking at homes you aren’t sure you can even make the monthly payment on? Save yourself some heartache.
Tip 2: Submit a Fair Offer
With a low inventory of homes on the market, house prices have continually been on the rise. This means a low offer is probably not in your best interest. Do your research on what has sold with in the last 6-12 months in the area before submitting your offer to the seller. Understand that using Zillow to do your calculations is a good place to start, but that Zillow uses an algorithm that does not take into consideration what the inside of the home looks like. Team up with a Realtor® that can run a comparative market analysis of the area.
Tip 3: Be Quick
Make seeing the home a priority. If a home you want goes on the market on a Wednesday, schedule to see the home that same day. This may mean taking off work or rearranging your kid’s schedules but waiting until the weekend can sometimes mean missing out on the home.
Tip 4: Compromise
What can you live without? Do you really need 5 bedrooms on 5 acres with 5,000 square feet? If you can compromise some of your wants and hone in on your needs, finding your next home can be done with less stress and heartache.
Tip 5: Write a Personal Letter
It may sound cheesy, but attaching a personal note to the seller with your offer can make a difference. One hard part of selling a family home is detaching from personal memories. Receiving a personal note from a buyer could help the seller be assured that the buyer will love the home as much as they have.
Tip 6: Be Flexible
Work with the Seller on a closing date. Allow flexibility in moving things in and out of the home. The transition out of a home can be stressful. The easier you can make it, the better your offer will be.