5 Tips for Buying A Home in Competitive Market

  • 4 years ago

With Nashville being ranked as the 2nd hottest job market in the country (right behind Austin, TX) according to the Wall Street Journal, the real estate market is only getting more competitive. So, here are the top 5 things you can do to ensure you are able to compete and buy your dream home this spring. 

1. Get pre-approved. Getting pre-approved is 100% a benefit to you as the buyer because it will give you confidence to write offers and prevent any heartache down the road. In a competitive market like ours, a good agent and a smart seller will not even consider looking at a financed offer without a pre approval letter. AND to learn how to save thousands of dollars buying your dream home with our special loan program, click here

2. Determine and stick to a budget. With your pre-approval in hand, you will now need to decide the maximum amount you are comfortable spending and stick to it. It’s easy to get overwhelmed in a hot market, when what seems like all the reasonable options are getting snatched up immediately. However, there will be other homes. Be patient, and don’t let yourself be pressured into overpaying. 

3. Identify your desired neighborhoods and homes wants vs. needs. Prioritize the home criteria you’re looking for, and talk to your real estate agent about which are must-haves and which are just nice-to-haves. Be prepared to compromise, and know your priorities. Also, agree to make yourself available to view new homes as soon as possible – those homes could disappear if you wait. 

4. Be ready to make a quick decision. There is a saying we say on our team, “if you sleep on it, you may not sleep in it.” Know your priorities / must-haves, know your budget, and keep an open mind. You may not find a home that has everything you want. You might need to consider living a little farther out or doing a few renovations. Whatever the situation, with the right team behind you, you can find the right home.

5. Bid competitively.  Discuss and agree upon price strategies and ways to present an attractive offer with your real estate agent before you start your home search. A few of these strategies may be to make a larger earnest money deposit, add an escalation clause, or eliminate as many contingencies as possible. Preparing ahead of time will help ensure you are ready when the right home comes along.      

One bonus tip that can ensure you find your dream home this spring is pairing with the right agent for you. It is so important to make sure you have the right agent that can not only help you find your dream home, but also guide you through the process and give investment advise. Our team is ready to help you find your dream home!  

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