Buying a home in this market can make an already complex process seem even more overwhelming. Follow these tips to avoid unneeded stress!
1. Identify Wants Vs. Needs
There are plenty of features to consider when buying a home. Wants, such as the ever-coveted stainless appliances and hardwood floors, can be added later, so save yourself the stress and avoid getting caught in bidding wars for homes that you are only attracted to because of these items. Instead, focus on the factors you won’t be able to change, like school district, neighbors, lot size, location, and floor plan.
2. Establish & Stick To A Budget
Buyers should get a pre approval from a great lender (like Rob Wolfe) as soon as possible to verify the amount of money they’re qualified to borrow. Remember, in a tight market, bidding wars can drive up prices quickly, so be prepared to walk away if the asking price surpasses your budget!
3. Bid Competitively With A Solid Earnest Money Deposit
While it’s definitely tempting to submit a low offer as a starting bid, you should put forward your best offer from the very beginning or you risk offending the sellers and losing out on the home. In addition, make sure your offer includes a solid earnest money deposit to solidify that you are committed to the sale.
4. Be Flexible
In multiple bidding situations, it’s not always the highest offer that wins out among the rest. Ask your Realtor to find out if there are any items that are important to the seller that you can be flexible with, like the move-in date. Allowing a few extra days for the seller to move out could instantly make your offer more attractive.
5. Hire A Professional
Finding your dream home in a tight market is a full-time job - hire us! We know the Dayton community like the back of our hands and spend our days (and nights!) studying the market trends in the area. Stick with us and you’ll have the competitive advantage you need in a tight market.
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