Thursday, November 7, 2013 - Article by: Lender411 Member
If you've been thinking of buying a home, you need to be prepared for today's fast-paced real estate market. 2013 has brought a highly competitive housing market, and buyers who are just beginning the home shopping process are finding themselves unprepared for the reality of today's market. If you want to score your dream home, you have to be prepared to move fast - or risk losing the home you really want.You Have to Know How to Move Fast.
As the housing market has improved, we've moved into a time when not only are homes not staying on the market for very long, but sellers can even expect multiple bids on a fairly-priced home. In a multiple-bid market, prospective homebuyers absolutely must be prepared to move quickly. You have to know what to do, and you have to move fast - you can't take your time deciding on terms, agonizing over the purchase-offer letter or waffling over bidding strategy. This is where it can be extremely valuable to work with a trustworthy real estate professional who can give you an idea of what to expect and how to prepare.
At the very least, if you want to be a successful buyer in today's competitive real estate market, you must:
oSecure financing pre-approval - pre-qualification typically isn't strong enough to "move fast" in today's marketoWrite advance purchase-offer lettersoDo your homework on the area, pricing, how long homes are staying on the market, what you can expect, what are your "must haves" etc.oCreate a clear, disciplined bidding strategyoHave cash on hand for an immediate deposit - typically $1,000 up front, and an agreed-upon amount within 10 daysoKeep in mind that small details, such as polite, flattering things about a seller's home, can tip the scales in your favor in a multiple-bid situationUltimately, if you're shopping for a home now, you must be prepared to move quickly - or willing to let a home go if it goes above your price range or if you're undecided about some of its features. In today's highly competitive market, there's no room for indecision.
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