The current real estate market is an extremely competitive one. In fact, according to industry experts, inventories remain extremely tight, often leaving prospective buyers to compete for the best ones, especially in the most popular markets. If you are currently looking to buy real estate or will be soon and want to be able to compete as effectively as possible, the following tips can help:
Use technology for a heads up
Knowing the local real estate market is critical for success in a competitive market, and real estate apps and search engines are a great way to stay up-to-date on new listings and any price and status changes. When trying to select the right house hunting app for your needs, look for one that will allow you to set specific parameters that are important to your individual search, such as:
- school district
- number of bedroom and bathrooms
- amount of square footage
- neighborhood or subdivision
- home type
Also, prospective buyers will want to make sure they choose an app that will frequently update to keep them informed of new listings. Also, it can be helpful to use an app that includes calculators to help buyers determine specific information, such as cost per square foot, at a glace for each listing they are interested in.
Have the mortgage ready and waiting
When there is no time to waste and offers must be submitted quickly in order to have a chance, buyers must make sure their finances are in order well before the purchase. This includes:
- having available cash for earnest money deposits, down payments, closing, and moving costs
- being fully approved for a mortgage in the price range in which you plan to purchase
- being careful to avoid any changes in financial or credit status, such as changing jobs or taking out a new car loan, while waiting to purchase a home
Even a fully approved mortgage will undergo a final underwriting process before the loan is actually issued. If new debt, job changes, or other borrower circumstances are found to be different than they were during the initial application, the loan can be denied.
Partner with a pro
Partnering with the right real estate professional early in your home search process is the best way to make sure that you are ready to move quickly when the right home listing becomes available. Not only will your real estate agent be your eyes and ears in the local marketplace, but they can also help you arrange to view new listings and submit offers quickly, which can be a tremendous advantage when inventories are tight, and competition is fierce.