Buyers can easily get chewed up and spit out during a fast paced market. It’s a trying time with hard decisions, tight timelines, and lots of unknowns. Here are four ways to improve your chances of scoring the property you want.
1. Set up property alerts.
Your agent will be able to set this up for you on a local MLS level but you are free to create your own alerts for syndicated sites like Zillow, Realtor.com, Trulia, etc. Buyer beware: all syndicated sites are not created equal and may update at different frequencies than your local MLS does. Either way, alerts should be set up and you need to be prepared to drop everything to see a property or risk losing out on it.
2. Be prepared to make an aggressive offer.
A fast paced market is not for the faint of heart. Another thing it’s not good for… wishy washy dilly dally types. You’ll lose out on most of the properties you set your sites on if you aren’t willing to see homes the same day they go on the market. The brutal reality of a fast paced market is that it’s cut throat and you have to be willing to make sacrifices in your scheduled, just temporarily.
3. Have your financing lined up before you see the house.
A fast paced market means you’ll likely be competing with one or more other buyers vying for a property which means a complete offer is absolutely necessary. During a fast market it’s unlikely that the sellers will even entertain an offer that doesn’t include a pre-approval letter.
4. Offer a quick close.
Sellers want their money. Fast. If there’s a possibility that you can close sooner than you originally thought it’s important to entertain a quicker close. Asking the seller’s Realtor what their preferred closing date is (even during multiple offers) is not uncommon. Just make sure your lender can close the deal in the desired timeframe; you will need to pay up on closing day after all.