Markets in transition are an interesting thing to deal with in real estate. When markets shift, the rules change. What was gospel last month is all of the sudden thrown out and new practices have to be used.
The new market is competitive and swift. The “right” properties are out there, but only stay on the market for hours in some cases. Check out this list and your chances for landing the perfect house will be much improved.
1. Work with EXPERIENCED PROFESSIONALS.
Real estate is a business where on the job training reigns supreme. The only way to get that training is to be active in the current market.
2. Work with Agents that have PAPERLESS CAPABILITY.
To beat out other buyer’s with similar desires, having an agent that can put together an offer on a tablet, get your signature, then email the offer can make the difference between getting the right house, or the runner up.
3. Get pre-approved in advance and have a digitized copy available.
This has been an old rule for many years, but during the housing slump, it became less important. New urgency requires the need to impress that seller once again.
4. Know where you stand financially
Aside from getting a pre-approval, lots of buyer’s seem to be confused about what is a comfortable payment for them due to all the other bills and expenses they have. Despite having gotten a pre-approval and working with a lender, they sometimes hesitate due to lack of awareness of things like when their lease ends, and what their home will cost with taxes and home owners insurance added.
5. Make a ‘Community Wish List’
Most buyers have wish lists for home features, but often times looking at the type of neighborhood isn’t something that’s explored as much. Giving your Realtor general ideas about the type of community you want to reside in can go a long way in helping find perspective homes. It can also help to narrow down listings or decide between homes.
6. CALL YOUR INSPECTOR QUICKLY
Most of your contract contingencies are based on the execution date of the contract and the first one is generally the inspection contingency. In years past, getting an inspector in a few days wasn’t a problem, but in this market, inspectors are swamped. Call them the minute you’re aware you’re contract has been accepted and get a list of good inspectors from your Realtor.
7. Once you’ve found the right place, DON’T HESITATE!
This is a good rule any time, but particularly now when buyer’s are finding themselves in competition more frequently. Sometimes pausing seems like the right thing to do, but if you’ve done your home work and have used the information to make the best decision, waiting only increases the chances of loosing out. Remember, “he who hesitates is lost!”
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