ARE YOU READY TO POUNCE?
Great homes and homes in great neighborhoods are once again selling fast and in many cases have multiple offers. If you find the ideal home are you prepared to compete?
These simple steps will make sure you are ready:
• Be over-prepared: You must be in a “ready-to-buy state”, not just interested. In other words, you should be fully pre-approved by a lender, knowledgeable about contractual obligations associated with buying a home and available at any moment to sign the offer.
Time is critical when a great home hits the market. Having your financing in order will give you a competitive advantage. Being ready includes not only lender pre-approval, but having identified the source of down payment and having liquid funds to write an earnest money check.
• Be ready to make your purchase decision quickly. No one likes to rush a big decision and it’s unfortunate that buyers face such short time periods. That being said, in a competitive home buying environment, the buyer who has the foundation of market knowledge can make quick decisions with confidence.
Multiple offers are back! Having a great broker and understanding how to structure a competitive offer and how the process works is paramount.
• Take a crash course upfront. See 10 – 20 homes in person to establish your foundation of knowledge. This will help you recognize a great home when you see it.
Try to take a look at all homes immediately as they hit the market and do not trust the MLS photos. View all contenders ASAP. You will gain great market and neighborhood knowledge by seeing numerous homes and it will also help solidify the moment you walk into the right home. You can’t know if it’s the right home if you haven’t seen a number of the wrong ones.
Product knowledge and financial preparedness are the keys to success in buying a new listing when it hits the market. By becoming a student of the market and viewing properties in person with your broker, you will be ready and able to seize a good value. If you are ready to jump into this market … give us a call today (503) 292-1500.