Thousands of Buyers across North Texas just like you are anxiously looking for a new place to call home and are finding out the hard way that the market is in short supply of housing inventory. This means that todays Buyers don’t have the luxury of taking their time, teasing the Sellers with lowball offers or demanding repairs. The combination of low interest rates and still-low prices is great news for Buyers because it means more home for the money. Rents are rising, making home ownership more affordable than renting, especially when you factor in tax incentives such at mortgage interest rate reductions and property taxes allowable as deductions against your income.
We have found that these 5 Smart Homebuyer Strategies are most effective when competing against other homebuyers
- Get pre-approved by a lender. This allows you to know how much home you can afford and you will be ready to write an offer right away. Being financially approved will often carry the most weight when a Seller is considering which offer to accept.
- Make a good first impression. Not only do you need to impress the Sellers, you need to impress the Sellers Real Estate Agent. When you find the home you want, send the Seller a letter of interest along with your offer outlining why you love the home. An experienced Buyers agent will know what is needed to impress the Sellers Agent.
- Shop within your price Range. In a competing market it is wise to shop for homes within or slightly below your price range. This gives you more room to make full-price offers or above in case the home you want is in a bidding war with other Buyers. Being in a multiple offer situation can cause tremendous frustration if you don’t have the financial flexibility to offer above full price.
- Be flexible. No home is going to be perfect for your specific taste. To get more home for the money you might have to shop for a home that needs some updating. Try to look past ugly wallpaper and stained carpet and visualize the home with your personal touch.
- Be ready. With most properties lasting just a few days on the market you will need to be ready to see any new listings at a moments notice. Be ready to make an offer right away if you believe its the right home for your family. An experienced Buyers Realtor will include an option period which gives a Buyer the right to terminate the contract if unexpected costly repairs are revealed in an inspection.
Any time the market changes, its time to change strategies. Realtors with experience in the current market and with knowledge of market conditions will know the best approach. Renee and her team have over 30 years of experience in the North Texas Real Estate market. We are continually refining our approach so that each Buyer feels good about the home they choose, the deal they make and the courteous way they were treated throughout the transaction.