Find Your Dream Home: 9 Ways To Land A Home In A Competitive Market

Dated: November 9 2021

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You’ve heard it over and over again over the past year: the real estate market is booming. Interest rates are low, home prices are up and buyers are excited for a change of scenery. But while a hot market is great for sellers, it doesn’t always bode well for the average or first-time homebuyer. This has caused many to start asking: in a market that seems to be going 100 miles a minute—how can you get in the game and finally purchase your dream home? By following our guide and working with one of our experienced agents, you’ll be able to position yourself as the most attractive buyer in a handful of offers.
1). Do Your Homework & Get PreparedBuying a home in a competitive market means you’ll need to move swiftly and make very quick decisions. So, before you jump into the deep end, take a few steps to really prepare yourself, both mentally and fiscally. Putting in that legwork will help you become familiar with the local market and current selling prices as well as make you a more confident buyer. And when the time comes to make an offer, you’ll be able to act quickly and avoid making mistakes you’ll later regret. 

2.) Get Your Finances & Paperwork in Order

It’s a fact that the better your financial picture is when entering the home buying process, the stronger your offer will be. Before you start on your home search, make sure you have all your ducks in a row. Pull your credit report and make sure there are no major gaps that could later be called into question. And gather up other documents that you’ll need to help make it easier on yourself down the road: income verification, bank statements, address history, debt information, and more. 

3.) Plan to Pay More Than Asking Price

In today’s seller’s market, a home’s list price is often just a starting point. It’s common for homes to sell for $10,000, $20,000, even $50,000 over the asking price. As you build your budget, adjust for that new reality — and accept that there’s a good chance you’ll pay more than the list price. Beware, though, that bidding wars can be contagious — so figure out how much over the asking price you’re willing to pay, and don't be afraid to walk away. New listings are coming on the market every day. A  great agent can ensure you are getting notified of all new listings immediately.

4.) Get Pre-Approved for More Than The Asking Price

In any type of housing market, buyers should get preapproved for a mortgage before making an offer. The pre-approval letter signals to sellers that you’re a serious buyer. The post-Covid housing boom adds a new twist: Given the likelihood that you’ll pay more than the seller’s asking price, you should also get pre-approved for a mortgage amount of more than you expect to spend. That doesn’t mean you should borrow more than you can comfortably afford, of course. But boosting your loan amount creates flexibility.
5.) Find A Great Agent
Arguably the easiest and most crucial part of any home buying process is finding a good Realtor that will help you through the entire process. This becomes even more valuable in a competitive market where expertise is key to assisting home buyers through a competitive market.

6.) Be Ready to Move Quickly

We’ve seen homes spend less than 12 hours on the market before someone snatches them up in this current real estate climate. So, once you’ve found a place you’d like to put an offer in, you need to act fast. This is where all those preparations come into play. Because of all the prep work you’ve done in advance, you should be able to make tough decisions quickly and decisively. And don’t worry, your agent will be a big help to you here, too!

7.) Stand Out

This is the really tough part. How do you make yourself stand out among all the other people who are fighting tooth and nail to get the same home you are? The first way is by making a competitive offer. Offering a higher price, making a bigger down payment, or being flexible with the closing date—these are just a few financial ways to let the seller know you’re in it to win it. 

8.) Stay Flexible

One of the best ways to make yourself stand out amongst the crowd of buyers is by staying flexible. Consider having your agent reach out to the seller to see if there is anything you can do to make yourself more competitive. Maybe they want a longer closing or inspection period to look for a new home themselves. Maybe they want to keep their beloved appliances or don’t want to repaint the home before closing—showing the seller you’re willing to work with them can put you miles above the rest.9) Don't Give Up The truth of the matter is that you may not nab your dream home on the first try. Home inventory is remarkably low and when homes do come on the market, they tend to sell remarkably quickly. This means you may have to be patient a while before you can finally sign on the dotted line. But don’t give up! Keep looking at houses, putting in offers, and playing the waiting game. We promise it will pay off eventually!Our expert real estate consultants can alleviate the stress of buying or selling a home. Contact us today for a confidential consultation. Click here for more info. 
Blog author image

Beth Dilley

I have lived and worked in Sarasota for over 20 years. As a former corporate executive, I recognize the importance of accountability and a strong work ethic. In a real estate transaction, you are the ....

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