Today’s real estate market is an interesting one. Home prices are going up fast. Homes don’t stay on the market for very long before they get swiped up by buyers. Home sellers are getting a lot more than list price just due to the high demand. This can be demotivating for homebuyers. You’ve been so excited to move into a new home but you’re not sure if you’ll actually be able to. We’re here to help. There are a few things you can do to improve your odds and win as a buyer in today’s housing market.
Homebuyers Win as a Team
The first thing to know is that you aren’t on your own. You simply can’t be in today’s competitive market. You need a solid team to back you up.
The two most important people on your team are your real estate agent and your lender.
First, find the best real estate agent in your area. Your agent is your key to finding great homes before they even hit the market! That way you can get on contract without even having a bidding war.
In the likely event that you do find yourself going against other buyers, your agent will help you craft the most competitive bid possible and seal the deal on your dream home.
Second, you want a great lender – one who is watching the 2022 housing market closely to stay up to date. Someone who will answer any questions you have and push the mortgage through as quickly as possible. A lot of homebuyers are coming to the table with cash. To compete, you need a lender who can work both fast and thoroughly.
Homebuyers Need a Strategy
This isn’t exactly a war, but it sure can feel like it. You need to do a lot of upfront planning if you want to win in the 2022 housing market. When homes sell for six figures over the asking price, you can’t just “wing it.”
For example, what can you do with your budget? Are there ways you can cut back on expenses and make extra money to save for a down payment?
How about your home wish list – do you know your must-haves vs. your nice-to-haves? Since no home is perfect, you‘ll want everything clearly outlined to help narrow down your search and make decisions quickly.
There are a lot of factors to consider when buying a home. You can’t figure out what’s important to you mid-stream if you want to move fast.
Homebuyers in 2022 Need to Know What’s Off Limits
Location, location, location. You may find an amazing house but if it’s not in your desired neighborhood, you may not be happy there.
The problem with buying your home in a neighborhood you don’t like is there is nothing you can do about it. On the flip side, buying a less-than-perfect home in your desired neighborhood is better because you can actually invest in the home to turn it into what you want.
Get Pre-approved and Ready for a Bidding War
While there’s a chance you can buy a home without it going on the market, you can’t count on it. Instead, it’s better to assume you will end up in a bidding war with a lot of other buyers.
No problem. Prior preparation can win you this war:.
- Get pre-approved to show you’re a serious buyer
- Lean on your team’s expertise and advice
- Be flexible and able to move quickly
- Stay resilient and don’t get discouraged
Conclusion
Don’t be discouraged if you are a buyer in today’s housing market. If you want to buy a home, you certainly can as long as you do some planning upfront and have a great team.
Send us an email at theinsightteam@neohomeloans.com or give us a call at (949)-373-5834 and we’ll take you step-by-step through the whole process. We’ll talk to you soon!