The weather is hot, and so is the local real estate market! We’re seeing houses sell faster and at or near list price. This can be intimidating as a buyer… You don’t want to rush into anything, but you also don’t want to miss out on the perfect home. Below, we’re sharing our top advice for buying a home in a hot market.
1: Get pre-qualified for a mortgage.
If your finances aren’t in order, you won’t be prepared to make a strong offer. A seller is likely to accept another offer while you go through the process of getting qualified for a loan. Taking care of that at the very beginning of your home search makes a huge difference.
2: Be clear on your “must haves” and your “would-like-to haves.”
It’s a good idea to narrow your wish list down to three or four “must haves.” These are the things that you really don’t want to compromise on if at all possible. Try to view everything else on your list as a “would-like-to have.” Even in a true buyer’s market, you probably won’t find a home that ticks everything on your list. In a hot market, you may need to be even more flexible. Keep in mind that you can always make changes to the house once you own it.
3: Make sure your agent is sending you a daily email with new MLS listings that fit your criteria.
This is standard practice for Powell Realtors. It’s important that you see new listings as soon as they come on the market – before they show up on Zillow, Trulia, etc. As soon as you see a listing you like, contact your Realtor to arrange a showing.
Contact us if you have any questions about preparing for your home search. We’re happy to help!