Purchasing a home is a very exciting time and can be a great long-term investment. Today, many people are finding that the real estate markets all over the country are extremely competitive. This is resulting in homes selling very fast and at higher prices than most would expect. While it can seem quite competitive to get a quality home, there are still ways that you can find a property within your budget that you love. To do this, there are five tips that you should follow that can help you to successfully navigate the local housing market.
Get Financing in Order
When you are trying to navigate the housing market, one of the most important things that you will need to do is make sure that you have your financing in order. Due to how competitive the market is today, any seller will want to ensure that a potential buyer is able to purchase the property. To help give yourself comfort with this, you will want to ensure that you have a full pre-approval letter in place before making a purchase offer.
Most mortgage lenders are more than willing to offer pre-approval letters to their borrowers. To obtain one, they will review some basic financial information of yours and determine if you can afford the property. However, any terms that they propose will continue to be subject to full underwriting in the future.
Talk to Home Builders
As you are looking for properties, there will be many different options to consider. One great option to consider would be to get a new construction home. Home builders in Edmonton are continuing to build new supplies. While these homes may come with a premium, it will offer you the potential to get a home that is designed and styled exactly like what you are looking for. This can make it easier to find your dream home than if you were to try and shop through open listings.
Get a Realtor
The real estate market all over the country continues to be quite competitive and many cities are seeing homes sell quickly for above-asking price. In some cases, they may even sell before they are publicly listed. To ensure that you are able to see the properties that are available and get the best market intelligence, you should make sure that you hire an experienced realtor. Your real estate agent will have first-hand knowledge about homes that will be coming on the market soon. They can also give you a sense of what an appropriate market value will be, which could improve your chances of making a successful bid.
Make an Offer that Stands Out
While it is important that you do not overspend, you should still focus on ways to make your offer stand out. Some of the ways you can do this can include offering a fast close, offering a larger upfront escrow deposit, or offering to pay for a portion of the seller’s closing costs. Another option would be to write a personalized note to the seller of the home, which could result in them choosing your bid over the competition. All of these could give your offer the boost that it needs.
Do Your Due Diligence
When you are going to buy a home during a competitive real estate market, you may feel pressured to cut corners prior to closing. However, it is important to remember what a significant investment buying a home can be. Due to this, you should continue to do all of the right diligence when you are going to purchase a home. This should include having it appraised, receiving a home property inspection, and doing all necessary legal work. By doing this, you can be assured that you are purchasing a quality home that you can continue to enjoy for a long time.
In today’s real estate market, finding a home and offering a winning bid can be very competitive. While you may find that winning a transaction is challenging, there are ways that you can find a house that you love and are able to buy. By following these five tips, you can improve your chances of successfully being able to navigate the housing market.
As you mentioned, I’m really excited to purchase my new home. Unfortunately, I know nothing about the process and title settlement is an unfamiliar subject to me. It might be better to hire a real estate agent who can ensure that I’ll be making a good choice when it comes to buying a house.