How to Increase Your Odds in a Hot Housing MarketJuly 19, 2018
The housing market is hotter than ever in 2018. This has been regarded as the best time to sell a home since 2006. Buyers are actively searching for a home, and the competition has never been so fierce. Some buyers are so desperate that they are offering more than the asking price in certain neighborhoods. As a result, many buyers are wondering how they can increase their odds in this hot housing market.
“Normal Rules” Aren’t Relevant Anymore
Some prices are reaching all-time highs in the most popular neighborhoods. People are moving fast, with many homes selling within 24 hours of being on the market. There isn’t much time for you to hold off on making a decision on a home. Therefore, It is essential to be prepared before viewing a home. You should know what you want and move forward with a home if it checks all the boxes. Quick decisions are the only way you will be able to secure a home in your ideal neighborhood. Trying to negotiate with the seller won’t work well today either, so don’t bother asking 10% below the asking price or asking for additional amenities to throw in. The seller knows that there are plenty of other buyers who will gladly take the deal as it is.
Increasing The Buyer’s Odds
If one thing is certain about succeeding in this hot housing market, it’s that you will need to be willing to work hard. Follow these steps to improve your odds of landing your dream home:
- Find an agent: Sign up with a buyer’s agent who knows what type of home you want, the location you desire, and your ideal price range. He or she can then notify you about new listings for homes you will like right away.
- Like a new listing? Visit it that same day: Take advantage of the alerts you get from your agent, and visit properties within 24 hours after they are listed. This will put you ahead of the competition.
- Be willing to pay the asking price or go higher: As we previously mentioned, there are many other buyers who will pay the asking price, and sellers know that. You might have to be willing to outbid other buyers for homes you really desire.
- Get pre-approval for a mortgage
- Write the owner of the property a letter: Want some extra-credit? For a home you absolutely love, try writing a personal letter to the owner. Talk about what you love most about their home and talk about your family. In fact, realtors agree that most buyers will relate to any talk about family and will pick you because of that.
Lakeside Title Is Here to Serve You!
Lakeside Title provides title insurance and numerous title-related services, all while making sure your transactions and funds are protected and secure. Our processes streamline residential and commercial real estate transactions for lenders, realtors, buyers and sellers. To learn more, give us a call at 410-992-1070. We look forward to the chance to serve you!