How Buyers Can Prepare for Today’s Fast-Moving Market
There is no question that today’s market is moving fast. Multiple offers. A race to schedule showings. Homes selling within hours of hitting the market. It can be overwhelming! And for some buyers, it may actually be moving too fast. Does this mean you should put your buying dreams on hold? No. But you can do a few things to be prepared for what lies ahead.
1. Know Your Numbers
Congratulations. You are approved. But do you really know your numbers? Do you need the seller to contribute to your closing costs? How much can you put down? Will the strength of your approval position you ahead of the competing offers? Is your lender a well known and reputable company? Is there any room for offering more than asking price if necessary? The more you know this in advance, the more confident you can be in your offer price!
2. Stay True to Your Wish List
Remember the reason you wanted to make the move in the first place. In a busy market, it can be easy to get so caught up in what home is available rather than what home is the right fit. Yes, it is important to be flexible when possible. But don’t lose sight of what is important to you: School district? Yard? Number of bedrooms? Proximity to a dog park? Staying within a certain budget? Know what is a “must have” and what can be adjusted.
3. Set a Realistic Timeframe
Gone are the days of deciding on a Monday to see a home, writing an offer, and moving in 30-45 days later. This market will challenge your timeframe in a whole new way. With so few homes to consider, it may take some time before you find the right one. You may be writing an offer on more than one home. Have a back-up plan. If your lease is up, ask your landlord if he/she will allow you to extend your lease on a short-term basis. If you own your home, make sure it is ready to go (projects done, touch up paint done, carpet replaced if needed, etc.). This will make it easier to list your home soon after your offer is accepted.
4. Work with a Realtor
I know, this may sound self-serving at first. Understand that a Realtor can offer so much in this fast-paced market! First, he/she can set you up on a personal home search and allow you access to a home as soon as it hits the market (many public sites do not do this!). An agent can guide you through the offer writing process and ensure you have presented your offer in the best, cleanest, strongest form. Among other things, your agent can get you access to these homes, a tougher task these days in light of COVID-related showing restrictions.
5. Maintain Balance
It is very easy to get obsessed with buying your next home. You can spend hours searching websites or checking notifications through numerous apps. Remember to maintain a balance. It will be a long run, not a sprint! Stay hydrated, get your sleep, and take a break from the search once in a while to recharge and reset.
There are some amazing opportunities to buy right now! You will just need to be prepared, persistent and patient to navigate through this market! Just think, your new home could be right around the corner!
By Kristin Beise, RE/MAX Advantage Plus
