How can buyers in today’s market compete while they’re out looking for homes? If you’re in the market for a house, today I’ll share three tips to give you a competitive edge in this low-inventory market.
1. Get pre-approved. I can’t stress enough how important this step is. Getting a pre-approval is what gives you buying power. It lets the seller know that a bank has looked into your credit, income, and assets and has approved you to shop for a home under a certain amount. What you’re approved for won’t always be what you’re comfortable spending each month, so be sure to look over your budget and find out what you can afford.
2. Do your homework. Spend some time scoping out the neighborhoods that you want to live in. The things you read on paper might sound ideal, but when you go out and start driving around, you’ll get a good feel for the area and people. Drive around at different times of the day and throughout the week so that you understand what the place is like at all times.
Be sure to look over your budget and find out what you can afford on a monthly basis.
3. Read the entire house description. Many buyers just skim the description, looking for the number of bedrooms or bathrooms. If you skim, you might miss important details, like photos that demonstrate how the home needs some work. You might not be comfortable with taking on issues like that when you purchase the house. Be sure to look at things like square footage, lot size, the age of the home, and so on. We can show you how to read the MLS sheet so that you know that the homes you like are still available.
If you’re looking to move up or move to your next home, be sure to reach out to us via phone or email. We’d love to be your real estate resource.