Buying a Home This Summer? Use This Cheat Sheet.
April 20th, 2016
In the current seller's market, potential home buyers have to move quickly to get the home they have their sights on. Starting this spring and moving into the summer, many areas are facing inventory shortages. Here are a few pointers for getting what you want in an area of high demand:
- Be available. Treat your house hunt like a job hunt. When your agent has a possibility, act promptly and find out if it could be a good match. If you wait to look only when it's convenient, you're likely wasting your time.
- Have financing lined up. A seller will not take an offer seriously unless it has a pre-approval letter. Get that lined up before you search or else it is like going hunting without a bullet in your rifle.
- Less contingencies. In this seller's market you need to make your offer stand out by limiting the contingencies that go with a normal offer. Go with a robust earnest money amount (Over 1%) to show you are serious. Shorten closing times and option(inspection) periods, Don't push the survey and homeowner's association fees onto the seller, if possible.
- Be more flexible. In highly contested, higher-priced areas, be ready to search areas just outside those locations. Figure out what you are able to compromise on. Properties can stagnate on the market because of a renovation issue scaring other buyers away, that you may be able to handle. Going against the grain like this can really limit competition.
Main article: "Surviving a Seller's Market: The Ultimate Cheat Sheet," realtor.com® (4/7/16)