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The National Association of Realtors has recently announced that a housing supply shortage. That means that the housing market is changing from a buyer’s market to a seller’s market. That means that sellers are benefitting more from sales and that homes cost more for buyers.
1. Make a good first impression. You need to impress both home sellers and agents. Find an agent that suits your needs and understands what you want the most in a home. After you find a home that you love, write the seller a letter with your offer and explain why you love the home.
2. Get preapproved by a lender. Getting preapproved by a lender helps you the most. Preapproval lets you know how much you can spend. Once you find the home you want, agents get show the seller that you financially preapproved and can make an offer quickly.
3. Don’t shop outside of your price range. Because the housing market is switching to a seller’s market, don’t shop outside of your price range. It is best to shop in or slightly below your budget so that you can make full price offers or above price offers in the case of a bidding war.
4. Be flexible. Consider buying a home that is older rather than newer. Older homes tend to cost less, meaning that you can get a bigger home and make renovations rather than buying a more expensive, smaller home that’s brand new.
5. Be ready and prepared. When you find a home you love, be ready to make an offer. Know what steps are required to obtain the home such as approving your offer with you lender and setting a reasonable timeline for a closing date and the proper inspections.