If you’re hoping to join the ranks of homeownership in 2021, it will come as no surprise that the market is intense. But what will set your offer apart from the dozens of other offers on the table? Here are 5 ways to have a competitive edge in an intense housing market:
Get Pre-Approved with a Local Lender
This is an important first step in the homebuying process. A local lender will know your area best, be able to get you the most updated information and generally speaking, will be quicker than a national bank. To start house-shopping, you’ll need to know your budget and if you’re borrowing money, a pre-approval will tell you how much the bank is willing to loan you!
Sign On with a Local Realtor
If you want an competitive edge in the market, signing on with a real estate agent is a must. Local Realtors know your particular market well, will know how to write effective offers and often know of properties that will be for sale before they hit the market! And best of all, most sellers will pay for your agent’s fees, meaning they are a free resource to you!
Be Ready to Make Quick Decisions
In an intense market like this, it’s important to be able to make decisions quickly. Houses can pop on the market and have an accepted offer within hours! Make sure you know what you’re looking for and what your “must-haves” are before you start house-shopping. That way, when the house that meets that criteria comes on the market, you’re ready to pull the trigger.
Shop Below Your Budget If Possible and Offer More Earnest Money
A lot of homes are going for well over the asking price. By looking for something below your budget, you’ll have room to write an offer for more than asking and beat out other offers!
And by offering more earnest money than others in your area, you show that you are putting “skin in the game” and are serious about buying that particular property.
Don’t Give Up
If you’ve written offers and had them beat out by others, it can start to feel like you’ll never get a house. Don’t give up! Keep searching and writing offers and it won’t be long before you are officially a homeowner!
Buying a house in an intense market like this can be overwhelming at times but keeping your competitive edge is important! To see how we can help you do just that, contact us today at 715.997.9600 or schedule an appointment with us today at https://calendly.com/nexthomeprioritycalendar!
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