Spring and early Summer 2018 sales have been strong, and there's no sign of that ending on the horizon. What we pray will end is the lack of inventory. Inventory is low as owners continue to hang on to their homes while buyers try to capitalize on continued low rates....oftentimes without much luck.
The top ways to make sure you find a home to love and live in are:
1. WORK WITH A REALTOR: Connect with a realtor to represent you as a buying agent. Thanks to constant contact with technology supports in the real estate industry realtors have their finger on the pulse of what's available as soon as it lists. It is our job to help you find what you are looking for and get an accepted offer, take advantage of it!
2. BE PREAPPROVED: Get a pre approval letter from a well respected lender. For less hassle when it comes time to needing service, work with a local lender if possible. Not only do they have a vested interest in keeping you in the community and knowing you will be a source of referral, but if you need something they will be handy.
3. Prepare to write a STRONG OFFER. Undercutting the price by $20,000 (unless comps warrant it) is a thing of the past during this quick market. So is making the offer contingent (though yours will probably sell). What should you do? Ask yourself these questions. "How long do I plan to be in the home?" and "Will I be able to re coup the extra money-eventually- that I am offering upfront?" If the answers support offering asking price, or close to it, pull the trigger! You don't want to miss out on a forever home for what amounts to approx $7 per $1,000 spent/borrowed.
Nervous about offering without contingencies? Make sure you talk to your lender about a bridge loan and how that might work for you!