When inventory is low, the housing market becomes very competitive and home prices tend to rise. If you plan on buying a home in this environment, you need to plan ahead to avoid being overwhelmed and losing out.
Listed below are 5 home buyer tips to help you win in a hot sellers' market.
1.) Stick to your budget: Before you go out looking for your dream home, meet with a mortgage lender to get “pre-approved” so you know what loan amount you qualify for. Be prepared to walk away if you happen to find yourself in a bidding war and a price that surpasses your budget.
2.) Identify desired neighborhoods and prepare a list of wants vs. needs: Home buyers should have a list of “must haves” to help you focus on the right location and property features.
3.) Home buyers need to be prepared to act quickly: In a sellers' market, homes rarely stay on the market long. Buyers should view new listings immediately and be prepared to submit offers quickly!
4.) Submit your highest and best offer with limited contingencies: Don’t try to “make a deal” in this competitive market.
5.) Work with one of Acuity Group's experienced Home Buyer Agents and listen to their advice. We'll give you the extra advantage needed to win in a competitive market!
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Acuity Group Real Estate Professionals
564 Dodge Ave Suite A
Elk River MN 55330