Tips for Buyers Home Hunting in a Hot Market
The days of the buyer’s market are rapidly fading all over the country. Multiple offers and sales above list price are on the move. How can you shop smarter in a hot market?
We’ve come a long way since the darkest hours of the bottom of the home market. Now, buyers are finding the competition for homes surprisingly stiff. The days of touring twenty homes and deliberating over the tiniest details have slipped away.
So what can you do to increase your odds at landing a home you can love? Here are a few tips to help as you navigate this increasingly active market:
1. Get pre-approval for a loan before you begin shopping. Browsing without the power to buy is a recipe for heartbreak now.
2. Be clear about the neighborhoods you’re interested in before you shop. Understand what the recent trends have been in terms of sales and competition for those sales if possible.
3. Be prepared to lose out on some homes. Yes, it’s likely that one or two great candidates will get away. Mentally prepare yourself for the possibility of being outbid or not getting an offer written in time.
4. Have your agent familiarize you with multiple offer situations. Ask specific questions about how it works and what to expect.
5. Get cutting edge MLS information and/or information on homes not yet on the market. Hot sheets and inside information on potential new listings can position you for first in line. Work with an agent who has access to the latest information and a solid network of connections in the community.
6. Make offers on multiple properties and see which gets accepted first. If you have four homes which meet your criteria, don’t go round robin on the offers. Write four and see what shakes out.
I’ve seen what it takes to win a great home in a booming market, and would be glad to guide you through the experience. And sellers, this is also a great time to get in touch and list your home!
Your Real Estate Market Report is provided by Justin Donaton of Coastwalk Real Estate. Any data provided, unless otherwise noted, is courtesy of the Wilmington Association of REALTORS MLS and/or the National Association of REALTORS.
Justin does not just "list" properties, he sells them! To get your home SOLD for the highest possible price, call Justin at 910-352-0998. Justin has SOLD the most real estate on Pleasure Island since 2007. He has the highest dollar volume of sales, and has had the most number of closings. His business is built on hard work and high-impact marketing. Coastwalk Real Estate has the #1 Sales office on Pleasure Island too. Please visit: www.CoastwalkRealEstate.com for more info.