Three Ways Potential Buyers Can Get An Edge In Hot Housing Markets
Posted on: 24 October 2017
If you've been looking at houses for sale in one of today's hot housing markets, you're probably frustrated with high prices, bidding wars, and homes that you're interested in viewing that sell before you even have the opportunity to make an appointment with the listing agent.
Be Ready to Make an Offer on the Spot
In a normal market, prospective buyers view properties first, mull it over, and make an offer several days or several weeks later. However, using this strategy in a hot market is almost guaranteed to result in failure -- if the property is at all desirable, someone else is bound to swoop it and sweep it up out from under you while you're thinking it over. Being prepared to make an immediate offer if the right place comes along requires doing some preliminary homework before you view the property, and going to the showing armed with as much information about the house as possible. Take an online tour before you see it in person, get pre-approved by your lender and take proof of this with you to show the agent, and have a realistic offer in mind in case this place turns out to be "the one." so that you're not left just winging it.
Ask Your Agent About Off-Market Listings
Sometimes referred to as pocket listings, off-market listings don't appear on multiple listing services, which means that potential buyers face less competition. Contrary to popular belief, these listings are all exclusive, million dollar and up properties -- many are priced for the average consumer. You can sometimes find off-market listings by performing internet searches, but the real secret weapon in this situation is a good real estate agent. Let your agent know that you'd love to hear about any off-market listings that he or she may know about.
Don't Be Driven By Desperation
Potential homebuyers frequently let desperation be their guiding light when trying to navigate a hot real estate market, and this can result in being stuck with a home that doesn't suit your individual needs and preferences. Although buyers often find it in their best interests to compromise on nonessential things, too much compromise creates unhappy situations. Make a list of things that you absolutely have to have in a home, and stick to it as well as provide your agent with a copy -- this will minimize the chances of being tempted to grab something just because it's a hot market.
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