Here are a few tips to help buyers compete in our market.
You’ve probably heard that the Triangle real estate market is currently experiencing record-low inventory. That means it will be extremely challenging for buyers to bid on a new home. Here are some tips to best position you to win when competing in this tricky market:
1. Get pre-approved. This must be your starting point if you want to be competitive. A pre-approval letter tells the seller that you’ve done your homework and that you’re ready and able to proceed with the transaction.
2. Work closely with your agent. Schedule a homebuyer’s consultation with them so that you can explain what you’re looking for in a home and so that you can learn about the trends in the market. That will enable you to come up with a strategy to help you win and accomplish your real estate goals.
3. Sign up for the multiple listing service so you can get listing alerts. This way, you’ll be notified as soon as a home comes on the market that matches your criteria.
4. Download your agent’s mobile app. With the app, if you see a home you’re interested in, you can open the app and use it to instantly communicate with your agent.
5. Act quickly. When a home that you like comes on the market, view it as soon as possible. There’s fierce competition in the market right now, and it’s not uncommon to see between six and 10 offers on a given home.
6. Make a competitive offer. Take your agent’s advice on how to make your offer as competitive as possible.
7. Keep contingencies to a minimum. Make sure to present a clean offer without many stipulations beyond the standards ones offered in a typical contract.
8. Feel comfortable with your offer. Once your offer is submitted, be at peace with it and wait patiently to hear back from your agent with communications and/or questions from the seller. If your offer doesn’t work out, treat it like a learning opportunity and make your next offer stronger. You’ll likely go through a few homes before you get the perfect one.
If you have any further questions about today’s topic, don’t hesitate to reach out to us. We’d love to hear from you.