What happens when you are selling and looking to purchase a home simultaneously? The answer: is a little more complicated than you think.
All across the US, real estate markets are sizzling. The year 2020 may have started off with a lot of uncertainty in the real estate market as a result of the pandemic, but it’s proven to be a very strong year for the industry. No matter where you may be looking, seller’s markets are rampant, including in the Pacific Northwest.
Whether you’re looking to buy a home in Washington, Oregon, Colorado, or Idaho, it’s likely that you may encounter stiff competition from other buyers who may be vying for the same home. But buying a home in today’s seller’s market doesn’t have to be an uphill battle.
In This Article:
- Work With a Trusted Agent
- Make Concrete Decisions
- Do Your Research
- Understand Your Competition
Taking the right steps as a buyer in a competitive housing market will help ensure that you come out on top and realize a successful real estate transaction. Here are some ways that you can be a winning buyer in a seller’s market. Click Here to Download the InfoGraphic Below
Work With a Trusted Agent
It’s imperative that you enlist the services of an experienced real estate agent who is well-versed in the local market that you are planning to buy a home in. With their knowledge and expertise, you’ll stand a better chance of finding the right home at the right price.
Real estate agents negotiate on your behalf and know how to help you craft a winning offer. They understand the terrain and can help you move quickly and efficiently on making an offer, which can lead to a successful transaction.
Make Concrete Decisions
Most homebuyers have a budget that they need to stick to. Without a financial plan in place, it can be easy to spend way more than you should. Even if a particular home fits into your budget, you risk becoming “house poor” if you overstretch yourself financially.
As such, it’s important to crunch the numbers and carefully assess your finances. Finalize your budget and stick to it.
Make a wish list of wants and needs, and prioritize the list so that if you ever have to compromise on something to stay within your target price range, you’ll know exactly what can be eliminated. Your wish list should include things such as the number of bedrooms, amenities, school district, neighborhood, and so forth.
Do Your Research
Buying a house is a big deal and a major financial investment. As such, you’ll want to take your time to make sure the home you finally put an offer on is the right one for you.
Consider viewing virtual tours of a home before you go see it in person. This can help cut down on a lot of time by sifting through the properties and choosing the ones that make your shortlist for a visit. Learn about the area and local development plans by visiting the neighborhood and getting in touch with the local government office to see if there is any development planned in the area in the future.
You’re buying the neighborhood just as much as the home, so make sure you do your research on both.
Understand Your Competition
Before you even start the search for a new home, you should find out how much you can get approved for. This will help you focus only on homes that match your budget.
Speak with a mortgage professional and get pre-approved. This will not only help you narrow your focus, but it will also show sellers that you’re a serious buyer.
Consider shopping below your maximum price point. Just because you may be pre-approved for a certain amount doesn’t mean you should spend it all. Not only will this help leave more money to be spent elsewhere, but it will also leave you with some wiggle room in case you enter a bidding war.
Let’s connect to make sure you’re armed for a victory in the housing market!
Ready to Apply For a Mortgage?
If you’re in need of a mortgage, we can help. Sammamish Mortgage is a mortgage firm that has been serving the Pacific Northwest region, including Washington, Idaho, Colorado, and Oregon since 1992. We offer a number of mortgage programs with flexible qualification criteria. Please contact us if you have any questions or are ready to apply for a mortgage.