Killer Tips On How To Buy A Home In A Hot Market

They say that shopping for a home in a hot seller’s market is like trying to win a date with a celebrity. You need to stand out and impress the date or rather the home seller in the case for you to gain the upper hand. Well, more often than not, gaining the upper hand means spending more money, but this does not guarantee the number one spot. If you are not prepared to close the deal, you are unlikely to get the house, even if you have the money. So, in a hot seller’s market, proving that you are ready, qualified and serious plays a key role in successful home buying.

Buy A House in a Sizzling Market

Before we can dive into the tips of buying a house in a hot market, it makes sense to explain how to determine a hot real estate market. So, here is how you tell if the market in your region is hot:

1. The houses are selling faster than usual- within a few days or week of being listed

2. There’s a clear upward trend in the home prices. You’ll notice that each comparable home sells for a little more than the previous one.

3. There are fewer houses for sale in comparison to the previous year.

4. Lastly, the final selling prices are near or higher than the asking prices

Working out your borrowing power, or even getting finance pre-approval will certainly help, but not so much in a hot seller’s market. So, how do you gain a competitive edge to secure a home in a fast paced market? These tips will be of great help:

Avoid Being Cute With Offers

Fast-paced markets are neither the place nor the time to start long drawn negotiations with lowball offers. You will only be risking annoying the seller and giving other buyers a chance to get involved. So, do your homework and write a contract that is both realistic and enticing to the seller.

Leverage Your Relationships

An excellent way to stand out of competition is by gaining exclusive access to homes for sale through established relationships with the real estate agents. Of course, cultivating these connections might take years, but you can also leverage off the relationships built by expert buyer’s agents active in the market, and you will gain access to the off market sales.

Be Ready To Act Quickly

In a slow market, you will certainly view the property and then go home to do the numbers or even talk with your partner and organize for a second look. Well, this is one mistake you will need to avoid in a fast-paced market. There’s no time to look for alternatives or think for days if it’s the right decision. By the time you are making your mind, a more prepared buyer will have already bought the property. So, if you know what you want, got your finance pre-approved, and have done your research, make an offer as soon as you find the ideal property.

These are obviously not the only tips, but they are the most important and will certainly keep you on the edge of competition. Always be prepared, and you will secure your dream home even when the market is hot.

Bedroom Real Estate -Using A Realtor Or Going Solo

Finding your perfect home or condo it s challenge and having the help of an expert can save you money.Should I use a Realtor, or should I do it myself? This is one of the most common questions that run through the minds of homeowners when they decide on buying or selling their homes.

The Difference Between Using A Realtor And Going Solo

However conflicting this might be, there is always a viable solution, and it depends on a couple of factors. This is here to help home sellers and buyers like you who are in a dilemma and hopefully, you can be able to make an informed decision. We will take a look at both sides of the coin, the pros, and cons of using a realtor against doing the job yourself. So, buckle up!

Using A Realtor, Is It The Best Option?

Also known as real estate agent, a realtor is simply an agent for the sale or purchase of a home, commercial building, or even land. Simply put, a Realtor is the person who will be doing all the dirty work for you. They will list your home accordingly, contact potential buyers of you are selling a home or sellers if you are looking to buy one. They will also negotiate on your behalf, do all the paperwork and close the deal. All this at an agreed commission after the sale or purchase of the property. Seems like a viable option right? Absolutely and there’s more.

Selling And Buying Property Is Their Full-Time Job

I suppose that you have a job, a full time one, and it’s not selling and buying property. Well, how many times can you be able to excuse yourself from work every time a potential buyer wants to see your home? At the end of a long day at work, can you be able to take full advantage of every opportunity to market your home? Ideally, do you have any experience in doing so? My guess is “No.” But to a realtor, the answer to these questions is “Yes.” A real estate agent will be available when you are not, and they sure will present your home in the best manner possible to help it sell as soon as possible.

Agents Have Experience In Negotiation

Negotiation can be tricky, especially when it comes to selling or buying a home. However, when you use a realtor, they are likely to win the negotiation, and that means a better bargain for the both of you. An experienced real estate agent might have negotiated hundreds of homes, and so, they know all the games and the warning signs of nervous home buyers and sellers.

When you take on the task alone, you are likely to get emotional about the process, and you will only end up making poor decisions. Also, chances are you are not too familiar with the local market conditions and customs, and as a result, your home might stay months or even years without selling.

Going SOLO: When Does It Make Sense?

Even though using a realtor is your best bet in most cases, there are times where doing it yourself makes more sense. For instance, when making an offer on your neighbor’s home, or buying the house from a relative, you are better off without a real estate agent. This is because you have first-hand information on the property.

Also, it can be appealing when there is no middleman involved. When working with the seller or the buyer directly, there is no need relay messages or wait for callbacks or even be skeptical of the information the realtor is handing over to the other party. You will always have the upper hand.

Finally, you get to save a lot of money that could have been paid as a commission to the realtor. For a large sale like a home, it can add up to thousands of dollars in savings or losses depending your knowledge of the market. Pay for an appraisal from an independent appraisal company

At the end of it all, it comes down to your needs, your situation and the kind of market you are in. Experience and knowledge are invaluable, and so, you might want to consider the two before you decide going solo. So do you still think that going solo is the best thing or is using a realtor the ideal choice?