How to Buy a Home in Any Market
Not a day goes by that we don’t hear about real estate in the news. Rents go up and then go down. Home prices change seemingly with the wind. We’d like to share some information with you to help you buy a home in any kind of market.
Whether inventory is high or low, you’ll need to understand the market in order to get the best deal when it’s time to buy. Great news! These tips don’t change based on the market. They will help you in a buyer’s market OR a seller’s market. Read on to learn more.
Keep emotions at bay
If you become too emotional about the home buying process, it will be easy to feel desperate and heart-broken if the home you love is sold to another buyer or taken off the market. Even in a low-inventory market, a great real estate professional will be able to help you find the home of your dreams. In a high-inventory market, that professional can help you sort through the myriad of homes for sale to narrow down the perfect one.
Timing the market could be a mistake
Because real estate is considered a long-term investment, it may not matter so much what the market is doing from day to day or even week to week. Unless there’s immediate concern for a market crash or rise, trust your real estate professional and their assessment of market conditions and buy when you find the house you love, that suits your needs.
Don’t shoot too low
Most situations will call for your best offer. Starting with a low-ball offer may drive a seller to reject your offer outright, or in favor of a more pleasing option. Understand the comps for the home you’re making an offer on and offer a fair market price that makes sense for the market you’re in, the home you’re purchasing, and the neighborhood you’re buying in.
Hire a professional
Working with a Realtor®, a real estate professional who agrees to the National Association of Realtors Code, is a must when buying a home in any market. You should always interview 3-4 people before deciding. Choose someone who understands the market conditions in the area where you want to buy. They should be able to help you find a home that meets your needs and fits within your budget. They should also be a great negotiator for when it comes time to put in your offer.
If you’re ready to start your home buying process, contact us today. We can help you find a lender, get you started with a customized home search and help you list your existing home