Real Estate Matters with Tim Bro
5 Tips for Buyers in a Tight Housing Market
When inventory is low, multiple offers tend to increase home prices. Attempting to purchase a home in this market can be overwhelming. With the right choice in proactive agents, it will happen to your satisfaction!!! Get through this home buying process by following this process:
1. Determine and stick to your budget. Obtain an approval letter from your lender to verify your loan amount. Take into account additional costs of ownership. Costs such as taxes, utilities and insurance should be taken into consideration when determining your payment budget.
2. Identify desired neighborhoods and home “wants” versus “needs”. When housing inventory is tight, buyers may need to compromise on what they believe they want from a home. Certain “wants”, such as stainless appliances or hardwood floors, can be added later. However, if a buyer “needs” to be in a specific neighborhood for work or school purposes, or have a certain sized backyard, those cannot be addressed later and must be taken into account during the house hunting process.
3. Be ready to make a decision. Desirable homes rarely stay on the market long in a seller’s market. Do not hesitate to make the offer. Do your homework, then act quickly and decisively to secure the property that is your next home.
4. Your offer. Share with your agent your questions and concerns and get those things answered upfront. Your agent will contact the seller or seller’s agent and determine the seller’s hot buttons and get answers for you. Review those things together, while keeping in mind your wants and needs. Be flexible with things like move-in dates, contingencies, and services chosen. Then have your agent review the best strategy for you and write the offer – NOW! Don’t wait or you may lose the property.
5. Work with Tim Bro. It’s important to work with the right realtor who is experienced and knowledgeable in this type of market. Tim has an excellent reputation and 20 years of experience in the real estate business.
To get started with your home sale or purchase, call Tim @ 858-354-2354, “The Right Choice in Real Estate”.
When Real Estate Matters, contact Tim. BRE #01224576