As you may have experienced already, the market is becoming increasingly competitive. As prices rise and quality inventory declines (especially in high-demand neighborhoods), it can be a little tougher to secure the ideal home.
Fortunately, there are some things you can do to increase your chances of landing a home you can love for years to come. Though you may not be actively searching for a new home at the moment, these tips will serve you well when the time is right.
1. The all-cash offer. True, not many can make this offer happen, but those who can have a distinct advantage over others. If you’re downsizing, relocating to a less expensive market, or happen to have investments you can liquidate to make an all-cash offer, you will be head and shoulders above the rest.
2. Out-qualify the competition. If an all-cash offer is unrealistic, you can give your offer an edge by presenting your compelling case as a stable buyer. This means full-time employment, a credit score north of 720, and a down payment at or in excess of 20%. Come at the offer with these credentials and mortgage pre-approval, and you’re pretty appealing.
3. Write a love letter. No, you’re not proposing marriage, but if you let the seller know how much you appreciate the home, the neighborhood, and their willingness to consider you, you’ll go a long way to differentiating yourself during the bidding and negotiation process. Remember that selling a home is an emotional transaction, too, and sellers typically like to think of their “old home” in good hands. Prove it with a personal note.
4. Find the house before it’s on the market. Is there a home you like, but it’s not on the market yet? Do you have word of a premium property just about to be listed? The quickest way to trump the competition is to make sure there isn’t any. Whether it’s a “pocket listing” with a broker (ask me for details), or you want to see if an owner is willing to sell, an agent can help.
Wishing you the best in your next search!