4 Ways to Ace the Home Buying Process
Buying a home in a seller’s market is not easy, and buying a home in 2018 means buying a home in the ultimate seller’s market! Inventory is low and homes being put on the market are not a dime a dozen. What do first-time homebuyers need to know about purchasing a home in a seller’s market?
- Choose the right real estate broker who knows how to work with first-time homebuyers and who knows how to operate in a competitive market. Your real estate broker can provide you with daily updates on your home search and monitor the market for trends. You should not be put in a position where you are paying above market value for a home, and a great real estate agent will be able to make sure you get a fair price.
- Be flexible with your home search. Keep in mind that time is money in a cutthroat market, so waiting around to find the perfect home with exactly what you want might mean resigning yourself to apartment living forever. If a home that you love already has an offer, you also shouldn’t cross it off the list right away. Talk to your real estate agent about your back-up offer and be ready to act. A whopping 40% of buyers rescind their offer after they take 24 hours to think about the home. Your offer could be the next best thing!
- Get pre-approved for home financing. You are much more attractive to the seller when you already have financing figured out and in-hand. This not only makes it clear that you are serious about buying a home, but also that you want the sale to go quickly and smoothly. If you want extra credit, you can also research on home inspectors, appraisers and title companies to be ready to go.
- When preparing your offer in a seller’s market, you should be ready to move. You should be prepared to not offer less than the list price. If you have a large earnest money deposit, you could increase the likelihood of the seller accepting the offer. Don’t include a list of favors, like replacing the dryer, in your offer. You should also have your pre-approval letter ready to go.
Partner with Equity Mortgage for a First-Time Homebuyers’ Loan
We are experienced in getting homeowners the best possible mortgage product for their situation, whether you just bought a fixer-upper or need to put work into your current home. Since every client is in a different situation, we encourage you to get in touch and learn how we can help. Contact us today by calling 443-471-4310. We look forward to hearing from you!