Tips For Buying A House In A Hot Market

Posted on: 6 January 2021

Are you in a tough real estate market where homes are going under contract within days of listing? This kind of market is great for sellers, but it's challenging for buyers to navigate. If you keep scheduling showings for a few days out, and the homes keep selling before you are even able to see them, then you may start to feel like you'll never be able to buy a home. Well, it's time to set those fears aside and take action! You can find the perfect home in a hot market, but to do so, you will need to follow the tips below.

Bring your financing approval letters to the showing, and be ready to make an offer.

In a hot market, you can't afford to look at a home, go back and think about it for a week, and then start slowly working through paperwork at the bank to make an offer. Instead, you need to apply at the bank before you start shopping. Get a pre-approval letter, and bring a copy of it to every house showing. Be ready to make an offer, then and there, when you find a home that you like. This can be a little nerve-wracking at first, but it's the game you have to play if you don't want homes to keep selling out from underneath you.

Make a list of must-haves and deal-breakers.

You will want a means of evaluating whether or not a home meets your needs very quickly. The best way to do this is to make a list of things you must have in a home and a list of items you would like to avoid in a home. This way, when you go to see a home, you can just work your way down both lists. If a home has all of your must-haves but none of your deal-breakers, then you should make an offer. The other little details — the things you can take or leave — are typically easy enough to change later on, once you have purchased the home. 

Write personal notes to the sellers.

When you do make an offer on a home, include a personal letter with it. Tell the seller a little about yourself, why you want the home, and what the home would mean for you. This personal touch may set your offer apart and make the seller more likely to accept your offer over another one for the same or a similar amount.

Buying a home in a hot market is not easy, but with the tips above and the help of a real estate agent, you can do it. For more information about homes for sale, contact a local real estate office.