The spring season tends to flood the housing market with buyers, and in markets with low inventory levels, the competition is stiff.
As home prices continue to recover and interest rates remain at near-record lows, some houses are receiving multiple offers and to win the bid, buyers need to stand out from the crowd. According to the National Association of Realtors, houses sold in 71 days in January, down from 99 days a year ago.
To help you become a homeowner in this competitive market, I recommend the following tips for being the most attractive:
“You have to plan four months before you’re going to buy,” says Michael Corbett, Trulia’s real estate expert. Check your credit for accuracy and avoiding making any big purchases or taking on any big debt during this time.
Set Your Home Price
Don’t waste your time looking at $300,000 homes if you can only afford $250,000. Less supply on the market increases the likelihood for multiple offers, and you won’t be able to compete. If properties are selling at 95% of asking price, don’t think you’ll get a deal at 85% of asking price.
Know that Cash is King
The more cash you have, the more appealing you are as a buyer. Putting 20% or more down makes you look more financially stable and gives sellers comfort that you’ll qualify for a mortgage.
Limit Your Contingencies
I suggest having as few contingencies as possible to be an alluring buyer. Don’t overcomplicate your offer to the seller. Certain contingencies based on your ability to get a mortgage, the appraisal and home inspection are standard, but piling on more could make the seller less inclined to work with your offer.
Add a Personal Touch
I suggest sending a letter to explain why you want to buy that house. Sending a letter is just one extra little thing that will help level the playing field.
April Partida is a Professional, Experienced and Results Oriented, Top Virginia Beach VA Realtor committed to meeting your needs.
April has distinguished herself as a leader in the Virginia Beach Virginia real estate market. April assists buyers looking for Virginia Beach VA real estate for sale and aggressively markets Virginia Beach homes for sale. April is also a Short Sales and Foreclosures Resource Specialist (SFR). Avid foreclosure and short sale expert, committed to helping families in financial hardship find options to foreclosure.
You can reach April at 757-227-1777 or by email, firstname.lastname@example.org.