You can win in a busy real estate market. You’re going to need some thick skin! New homes go up for sale every day in a busy market. This can be a bit of a blessing and a curse. Here are seven ways to set yourself up for success.
Don’t wait for the open house
If you expect to be a buyer who wins in a busy real estate market, when you see a property you like, schedule a showing immediately.
Signing up for new listing alerts can be helpful as long as you check your alerts frequently throughout the day.
You’ll need to depend on your real estate agent to work their magic in a fast spring market.
Realtors find out about upcoming listings before the general public and it’s highly beneficial if you’ve got a Realtor who’s willing to get you into those homes and negotiate a purchase before you’re competing with other buyers.
Have your ducks in a row
Once you’ve found “the one”, you’ll need to act fast. That means you’ll need to have a few things ready before you even look at the property.
Have your pre-approval letter with the property’s address with you before you go out on the showing. There’s a high likelihood the seller will have multiple showings scheduled in the first day or two on the market.
Chances are also good that by the time you have your showing scheduled, the sellers will have received at least one offer or notice of incoming offers.
Come up with a short list of questions or concerns and get that to your real estate agent as early as possible.
If you go into the showing armed with more information than other buyers, you’ll be more equipped to make a fast but informed decision.
Plan for a single showing
Bring all decision makers to the showing. If you’re purchasing your new home with a life partner, it’s important that you’re both there, since you’ll likely only have a few hours, of if you’re lucky, a day, to submit an offer
Be prepared to compete
Winning in a busy real estate market may very well mean a little bit of healthy competition.
A busy real estate market means there are more buyers than homes for sale. You should expect to compete with one or more buyers.
This doesn’t have to be as stressful as it sounds; as long as you’re prepared, you’ll be in a position to submit a very attractive competing.
Avoid contingencies
When it comes to submitting a competing offer there are a few tricks you’ll want to have up your sleeve. Sellers have a bit of an upper hand and they’ll be looking for clean offers.
That means minimal contingencies or things that could hold up the sale. If you can comfortably remit a contingency for the sale of your current home, that’s a big one.
This is something you’ll need to talk through with your mortgage lender as well as your real estate agent.
Don’t play games
Go into any showings or offer situations with an understanding that there’s no time or patience for anything other than reasonable and solid offers.
This doesn’t mean that you should over-pay for a home or rush into anything, but the days of low-ball offers are long gone.
Do your own research, rely on your agent to do a comparable market analysis on any homes you’re looking at, and you’ll be in great shape to make a solid offer.
Don’t rule out back up offers
If you find yourself on the losing side of a multiple offer situation or you’re interested in a house that has an offer on it already, not all hope is lost.
Before you give up and move on to a different property, ask if the seller will entertain back up offers. You never know what the other buyer’s situation was or if they’ll change their mind.
Anything can happen but you can win in a busy real estate market.
