Buying a home in a tight market can be stressful. A new report by Realtor.com suggests that home buyers may see a tightening market in the Bay Area in 2020. Among other factors, inventory may reach historic lows, especially in the availability of entry-level homes and condos.
Here are some ways to increase your chances of getting your dream house in a competitive housing market.
Get pre-qualified for a mortgage.
You’ll be able to move quickly to make a firm commitment to buy – making your offer more desirable to the seller. I have a network of recommended lenders that I can provide to you.
Choose a real estate agent who is committed to you – and stay in close contact.
100% of my clients refer me to their friends and family because of my commitment and “always on” availability. I actively seek new listings. Be available and ready to view a home as soon as it goes on the market — if it’s a great home at a great price, it won’t be on the market long.
Use tools to look for new listings yourself.
I can help identify listings that meet the criteria you’ve provided. However, you might find that an attractive listing that does not meet the specific requirements you’ve provided. Take some time to browse the local real estate listings. You can set up an alert for the areas and home types you’re searching for. Drive through your target neighborhoods, and if you see a home you like for-sale, send the address and listing agent’s name to me so that I can schedule a showing
Make a competitive bid.
While you might be inclined to offer less than the absolute highest price you can afford, bidding too low in a tight market might cause you to lose out. I can help guide you through the current market.
Keep contingencies to a minimum.
Contingencies added to an offer may make it unappealing to sellers. If you need to sell your house, remember that it’s likely to also sell quickly in a tight market. Consider talking to your lender about a bridge loan to cover both of your mortgages for a short period.
Be ready to decide exactly which “wish list” items are absolute “musts” – and which ones you can live without.
Spending the time to evaluate your needs is an important part of the home buying process. Be ready to decide what to trade-off so you won’t have to agonize and hesitate when you have a chance to make an offer.
Don’t feel compelled to buy in a tight market.
When buying a home in a tight market, you might feel the need to over-compete. Be sure the home you buy is a home you will love – and get the inspections to make sure the home will love you back.
See the difference a committed, full-service approach to real estate can make.
©2019 Tom Nevin – all rights reserved: How I can help you find houses for sale in Walnut Creek, Rossmoor, Lafayette, Alamo, and the greater San Francisco Bay Area