Seller’s Market, Bidding War, Low Inventory, Elon’s Tweets 😊
If you have been hearing these words quite often during the day then, you are probably already neck deep in the current real estate market. Call it a bubble, or fiery volatile; the matter of fact is that buying a home in today’s market requires some strategy and planning on the part of the buyer. Here are four tips that can help you achieve your goal of owning the coveted abode.
1. Be prepared for the extra cost. Knowing your monthly payment is not enough to see you through the process in the current scenario. While the gap between the asking price and appraised value of the house becomes wider, be prepared to shell out this extra cost to close on the deal; as your loan amount is based on the appraised value of the property. Plan your budget accordingly.
2. Get Pre-Approved. This is perhaps the most important step to stay ahead of competition as it not only proves your capacity to purchase but also indicates to the seller of your seriousness towards buying the property. Talk to your mortgage advisor about the various options available to you.
3. Make your offer lucrative. Either by putting down more earnest money, appraisal waivers or paying for the inspection reports and small repairs and working with the seller’s timeline. Love Thy Seller 😊
4. Be positive. Despite all the concerns, there is always a home waiting for its buyer.