Equal Housing Opportunity
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TIPS ON BUYING IN A TIGHT MARKET
Increase your chances of getting your dream house instead of losing it to another buyer, with these easy steps.
- Get prequalified for a mortgage. You´ll be able to make a firm commitment to buy and make your offer more desirable to the seller.
- Stay in close touch with your real estate sales associate to find out first about new listings that come on the market. And be ready to go see a house as soon as it goes on the market.
- Scout out new listings yourself. Look at Internet sites, newspaper ads, and drive by the neighborhood frequently. Maybe you´ll see a brand-new "for sale" sign before anyone else.
- Be ready to make a decision. Spend lots of time in advance deciding what you must have so you won´t be unsure when you have the chance to make an offer.
- Bid competitively. You may not want to start out offering the absolute highest price you can afford, but don´t try to go too low to get a deal. In a tight market, you´ll lose out.
- Keep contingencies to a minimum. Restrictions such as needing to sell your home before you move or wanting to delay the closing until a certain date can make your offer unappealing. In a tight market, you´ll probably be able to sell your house rapidly. Or talk to your lender about getting a bridge loan to cover both mortgages for a short period.
- Don´t get caught in a buying frenzy. Just because there´s competition doesn´t mean you should just buy anything. And even though you want to make your offer attractive, don´t neglect inspections that help ensure that your house is sound.
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