5 Ways to be a Smart Home Buyer

The National Association of Realtors (NAR) made the announcement that the supply of homes for sale is short and prices have begun to increase again with the high demand of home buyer. Based on the current market, it is certainly a seller’s market in many aspects.

When the market begins to change, buyers and sellers both need to change their approach. When it’s a buyer’s market, buyers can make more demands of sellers that include pricing and conditions. In a seller’s market, there is more power in the seller’s hands, and buyers may have to settle for the terms and pricing that a seller asks for.

When the supply for homes is short, buyers cannot afford to take their time and tease sellers with offers that are not serious enough. When demand is high, there is not time to teeter between homes, offers and demands.

5 Ways to be a Smart Home BuyerTo find a home successfully in this market, buyers should consider utilizing these 5 steps:

1. Make a Good First Impression

To be successful in this market, it will be important to make a good impression not only with sellers but with your real estate agent as well. Show both parties you are serious about finding a home by hiring one agent, and giving them a list of must-haves for your home. This way, you save your own time and don’t send your agent on a wild goose chase for homes you can’t afford or don’t like. When you have found your “it home”, send the sellers a personalized letter outlining your intentions and why you love the home.

2. Get Pre-approved

Getting pre-approved will give you an idea about much you can afford, and it will also allow you to make an offer quickly. Pre-approval will also be attractive to sellers if your real estate agent can let them know that you’ve been pre-approved. This is an important part of being a home buyer.

3. Stay in Your Price Range

Focus on shopping for homes that are within or just below your price range- never shop for homes that are over-budget. Shopping within or below your comfort zone will allow you to make full-price offers or to offer a little extra in the case of a bidding war.

4. Be Flexible

It is important to remain flexible when shopping for a home, as it might help you to stay on budget. To be flexible you may want to consider an older home with dated décor, as opposed to a new home with smaller square footage. Do not be hindered by older styles and designs; you may be able to save on the price and update the home to your own style and tastes.

5. Always be Ready

5 Ways to be a Smart Home BuyerIn this very competitive market, it’s important to always be ready to make a move or an offer on a home that you’re interested in. Because demand for properties is so high right now, you may not have a lot of time to make decisions or decide on an offer.

Have your plan set ahead of time, and try to accommodate sellers as much as possible to ensure that you get the home you want.

In this real estate market, buyers should put together a solid plan so that they’re ready for the quick decisions that may need to be made. Consider following the suggested 5 step to be a successful home buyer.

Thinking of buying in the South Park NC area? Send us a message here and we’d be happy to help you on your home buying journey.

Are you trying to figure out your budget? Feel free to use our mortgage calculator to help! We’re ready for your questions. Call one of our qualified agents today at 704.997.3794.

If you decide you don’t like your home we will sell it for free. *some conditions apply*

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