The two things buyers need to do to break into this real estate market.
Everything is moving so quickly; how can buyers get into our current real estate market? There are a couple of things you need to do:
1. Have a consultation with your real estate professional. You’ll sit down and start to understand what’s going on in this market. Your agent will coach you through what your different scenarios will look like and what your opportunities are. You may have to make three or four offers on different houses in our present market. You might swing and miss a few times, and that’s okay because you’ll have more opportunities.
Last year 6.1 million homes were sold in the U.S., which is the second-highest number in history. So if you don’t get the first home you want, don’t despair.
"These are the crucial things you need to get right."
2. Be prepared. It’s never been more important to have your ducks in a row ahead of time. First, get pre-approved, which will tell you how much you can afford and what your interest rate will be. With the way interest rates are increasing, some buyers are getting pushed out of today's market.
Second, you may want to shop under your top price point because you’ll likely have to offer over asking price to win a property. Third, “stack cash,” which means having cash ready. Right now, we’re working to get through appraisals. You could buy a house for $200,000, but it might only appraise for $190,000. You want to have cash ready so you can guarantee the seller that you’ll cover the appraisal gap and close with the agreed-upon price.
In this ongoing market, these are the crucial things you need to get right. If you have any more questions about buying or want to break into this market, please reach out via phone or email. We look forward to speaking with you.
