A Home Buyer’s Guide to Making It in a Competitive Market
In hot real estate markets, buying a property may feel like a nearly impossible feat. Skyrocketing prices, low inventory, and bidding wars can make a prospective buyer feel dejected.
But becoming a homeowner in hot cities can happen, if you employ the right techniques. An article in RISMedia outlines tactics for buyers to use when shopping for a home. For example:
Don’t be naive. Understand the market realities. Instead of obsessing over prices, value, and comparables in the area you’re considering, focus directly on what it will take to get the home you want.
Work with someone you trust. It may pay to find an agent who is sufficiently skilled to develop a rapport with sellers and their listing agents. Or you may need a superior number-cruncher to get you the best deal. But whatever the agent’s strengths, ensure he or she is a person you feel comfortable working with; the journey to finding a home can be long and arduous. You’ll need a friend.
Be realistic. Be very realistic. If you’ve only seen one home in your desired market that fits your budget, then that market probably isn’t in your price range. Accept that and either pick another area or be prepared to boost your budget.
Finally, try to relax. Expect that all will not necessarily run smoothly, particularly in a highly competitive market. Don’t get worn down by the process. You can become a homeowner if you relax and go with the flow!