Tired of being outbid? Here's How to Compete in a Seller's Market
Be sure to establish what you wantIn a seller’s market, you need to have a game plan in mind so you won’t have to think twice when making huge decisions. For this reason, it’s important to create a checklist of what works for you when it comes to buying a property. Some things that you can put on your checklist are:
- how many cars can fit in the garage
- how many beds and baths does the property has
Consult with a Mortgage ProfessionalYou’re going to need a good mortgage lender on your side if you want to have a strong chance of competing with other buyers in a seller’s market. Getting pre-approved for a mortgage can give you a competitive edge when trying to obtain the home of your dreams.For a smoother home loan process, it’s best to communicate with your Loan Officer on a regular basis. During the process, they will need to collect documents to assess your qualifications. So, having all your financial documents in order can help speed up the process.It’s also worth consulting with a mortgage broker as they can help you assess every available lender and mortgage, recommending one that best fits your goals and finances. Aside from making sure that you’re employing a licensed broker, you should also be on the lookout for brokers that have a degree in financial services. Mortgage brokers with financial services degrees are trained to develop strong business skills and are required to sharpen their knowledge in financial theory. This way, you can be sure that you’re in the right hands.
Move fast and be dynamicOne thing that you will realize in a seller’s market is that nobody will be willing to wait for you. Because of this, you have to act fast if you don’t want to lose a great property. Whether it’s counter-bidding on offers or scheduling showings, you need to be ready for action all the time. There’s no guarantee that the home will be available tomorrow. So, if you’re certain about a particular property, don’t hesitate to jump the gun and make an offer that’s still in line with your financial plan.By using the advice we’ve listed above, you’ll find it easier to navigate the seller’s market and compete with other buyers without putting yourself through too much stress. For more insights and guides on buying a home, be sure to check our other resources.Article written by Jennifer Birch for cfimortgage.com
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