Kicking off your home buying journey always starts as an exciting venture, but bidding wars, unsuccessful offers and exhaustive walk throughs can easily bring on buyer fatigue. This is especially frustrating in a seller’s market where inventory is down and prices are high. Here are five tips to stay the course and avoid home buyer fatigue!
Assemble a Team of Professionals
In a hot market, you need a team of professionals to help you make the right maneuvers at the right time. This includes a trusted real estate professional that will locate listings that fit your needs and guide you in making a competitive offer. You also need a mortgage expert to help you determine the type of house you can afford and how to keep your loan process proceed smoothly once your offer gets accepted.
Get Pre-Approved
There is no doubt that we are in a hot market right now due to low inventory. This means a lot of competitive offers are coming in and homes are selling quickly. You must be ready to pull the trigger if you find a home you like, and the best way to get started is to get pre-approved with a lender. Pre-approval helps you know exactly how much house you can afford, and it shows sellers you are a serious, qualified buyer which gives you an edge in a competitive market.
Be Decisive and Identify Your Needs
Some buyers cannot decide where to live or what type of home they want. Potential buyers end up looking at a lot of homes that will not fit their needs, and this is where burnout can escalate quickly. Taking the time to determine your absolute must-haves and your flexible nice-to-haves allows you to pinpoint the listings you need to view and be on the lookout for as soon as they become available. Here’s our handy checklist you can use to decide what you want in your future home!
Be Ready for New Listings
Thursday is the most popular day to debut new listings, and homes listed on that day apparently sell fastest, according to Redfin. By paying attention to when a house is listed, you will have a better chance of being competitive and quick with an offer.
Prepare to Negotiate
A seller’s market will dictate the necessity for buyers to get creative with their offers and be willing to compromise. Your real estate agent will be in your corner to guide you in negotiations to help you make the best decisions and land the home you love.
Feel pumped to start your home buying? So are we! Contact one of our experienced loan officers today to get started.
