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How do you become a competitive home buyer without too much risk?

| May 18, 2021 | Uncategorized |

It’s hard to buy a home right now. There just aren’t enough homes for sale when compared with the number of people who want to become homeowners or move from one property to another.

 

If you want to move to a new neighborhood or transition from being a renter to a homeowner, you will need an aggressive approach to the home-buying process. How do you remain competitive as a buyer without putting yourself at a significant disadvantage?

 

Be realistic about what you can afford

If you first started looking at properties several years ago, the buying potential for the same amount of financing has decreased. You simply won’t be able to buy as much house for the same investment as you could previously.

 

Additionally, you need to recognize that the nicest houses in neighborhoods with good schools generally sell quickly, often within days of listing and sometimes after multiple competitive offers. When you look at how much you intend to finance, you should also factor in making an offer over the asking price when determining whether a property is in your budget.

 

Don’t just avoid contingencies and inspections

Beyond increasing the price that you offer, there are several other tactics you can employ to make your purchase offer more tempting for someone selling their home.

 

Some people willingly forego having an inspection performed before they buy. Others choose not to include contingencies in their offer, which puts them at risk of buying a house that appraises for far less than they offered to pay for it or losing out on their earnest money. You need to make realistic offers on a case-by-case basis that include protections for you as well.

 

Be practical in how you evaluate properties instead of desperate to move

One of the fastest ways to take a loss in a real estate transaction or wind up trapped in a home that you hate is to compromise on the most important terms. You know how much space and what amenities are necessary for your comfort and happiness.

 

Have a short list of absolutely necessary criteria and another list of wishes. Properties that don’t meet all of your needs aren’t a good option. Properties that meet your needs while not taking off many items on your wish list may be a sound investment if the price is right.

 

From reviewing the title history of the property to making an offer that still protects you, there are many steps in the real estate buying process that will be easier if you have the right support. Professional help can give you a competitive edge without making you compromise on your own safety.