Today’s housing market is hotter than it has been in a long time. With the flexibility of remote work options, many people are looking to make a move, and there are a lot of first-time home buyers out there. If you are trying to figure out how to navigate this crazy housing market, there are some things you can do to still get into a home you will love.
Offer a Competitive Bid
In order to buy a house today, you will need to put in a competitive bid on the property you want. And offering the asking price often will not cut it; you need to be willing to spend more than the asking price to be competitive. You will likely be putting in your offer along with dozens of other potential home buyers. You might think about looking at houses that are below your budget to help you make an offer for more than the asking price.
Buy in Overlooked Markets
If you want to get a home in today’s market, you need to be willing to adjust your expectations, including your location. Buying in overlooked markets means there will be more inventory available. Real estate agents like you to be adaptive about your criteria for a property. Flexibility is key in today’s market, so you may need to have less non-negotiables when looking for a house. If you want to buy in a particular school district, you are not the only one, so have some back-up neighborhoods and locations you would be willing to buy from.
Get Pre-Approved for a Mortgage
If you are not able to make a cash offer on a house like so many buyers have been doing recently, the next best thing you can do is get pre-approved for a mortgage. These pre-approvals let a seller know that you are prepared financially to purchase and move-in to a home and can therefore make them more likely to consider your offer. Make sure to get this done before you start looking so it is all smooth sailing.
It is tough out there in this seller’s housing market. If you prepare your finances, remain flexible, and know that it may take some time, you will be better able to handle the unknowns of buying a house today. Patience and preparation will pay off to get you into a place to call home.
Read this next: Why Renting is a Better Option Than Buying