It’s still a buyers’ market—interest rates are historically low, available homes are abundant, and sellers are eager to sell. But if it’s a great time for you to buy, it’s a great time for everyone else too. How can you compete against other buyers and snag the home of your dreams?
- Be decisive. Decide exactly what your dream house looks like. How many bedrooms and baths do you want? What location? This will help narrow down the possibilities faster.
- Always consider a house’s potential. An older home that needs cosmetic updates, such as fresh paint or a new kitchen, may net a better price than one that’s newer.
- If you can pay cash, you’re in the driver’s seat. Sellers like cash deals because they’re uncomplicated and close quickly.
- If you need financing, get pre-approved. That’s “pre-approved,” not “pre-qualified.” Attach your pre-approval letter to your offer to show the seller you’re serious about buying—and financially capable of doing so.
- Offer a high downpayment. The more you put down, the more attractive the deal to the seller.
- Try to limit contingencies. You won’t want to waive your inspections or do anything foolish, but the fewer the contingencies, the more secure the seller will feel with your offer.
- Stay on top of the market. New houses are listed every day. Your agent may even know of houses about to hit the market.
- Prepare yourself for a bidding war by deciding ahead of time what your maximum offer will be.
- Consider distressed properties, such as short sales and foreclosures. But remember that they may not be in tip-top condition—and that you may have to wait weeks or months to find out if your offer was accepted.
- Most important, find a qualified agent who is familiar with your target area. That will save you a lot of time
