Secrets No One Tells You about buying in today's market!

1. Look a little lower

Fixer-upper, anyone? How about an up-and-coming neighborhood? There’s no need to give up your wish list entirely; but in today’s market, you’ve got to get real.

This strategy also makes sense because often listing prices are intentionally low to build interest and encourage a bidding war. So if your top dollar is $350,000 and you look in that range, the available properties may well sell for $375,000 or higher. Check out homes in the $310,000 to $325,000 range, and you’re more likely to find something you can truly afford.

2. Enhance your earnest money

Cash offers may be king to the majority of sellers, but let’s face it: That’s not feasible for a majority of home shoppers. Still, you can make a financed deal more attractive with your earnest money, the 1% to 3% typically put down after an offer is accepted.

Obviously, there’s some risk here. You don’t want to lose your hard-earned funds by going overboard on a deal that collapses. That said, if you have found a house that is The One, this tactic can give you the edge.

3. Obtain an approval letter

Yes, you got pre-approved for a mortgage—just like everyone else! In a seller’s market, go the extra mile. Different from traditional pre-approval, an approval letter, also known as a commitment letter, can be prepared by the lender once your loan application is approved. It typically states the type of loan, the amount, the terms, and the interest rate.

4. Throw in a lease-back

Here’s the conundrum: Sure, sellers hold loads of power when they are offering up their home. But once there’s an accepted offer, they are often thrown into the pool of desperate homebuyers and have to scramble like the rest of us to find a new abode. This is why some savvy buyers will sweeten their deal with a lease-back, meaning they will let the seller stay in place for a period of time for an affordable price, or for free.

5. Know when to waive

In a less heated market, a home inspection is sacrosanct. It can be a buyer’s friend, telling you that a water heater is about to conk out or that there’s water damage that you never would have noticed. But lately, some buyers are skipping the home inspection. This may or may not be the right move for you. Consult with us about inspections. You are still able to do an inspection and just make it a pass/fail!

6. Interview for the best broker or agent

It’s more important than ever for buyers to shop around for an agent or broker. You want to talk to at least three, and don’t simply take, say, your cousin’s recommendation blindly.

Sometimes, a successful and busy agent will be juggling so much that they may not honestly have the bandwidth to take on a new client but don’t want to say no. Basically, you want to look for an agent who’s the total package—who knows what they’re doing and can do it for you!

Give us a call today and #GETMOVING!

Till next time!