Property sales projections are GOOD. "Fannie Mae, Freddie Mac and the Mortgage Bankers Association all believe homes sales will increase steadily over the next year. If you;
Buying in a hot market (and how to not get left out.)
Dated: October 10 2019
Property sales projections are GOOD. "Fannie Mae, Freddie Mac and the Mortgage Bankers Association all believe homes sales will increase steadily over the next year. If you’re a homeowner who has considered selling your house recently, now may be the best time to put it on the market." (Keeping Current Matters Blog 10/10/2019)
But what does this mean if you are a buyer? Well, many things. Buying in a hot market can be an emotional roller coaster. Properties go under contract before you've even scheduled a showing, or you're out-bid, or you need to sell something to buy or you're bested by cash.
How do you compete? Here are some ideas:
1. Know your buying power. In other words, figure out how much you can spend and where the funds are coming from. Maybe you received an inheritance and you're looking for a second home. Perhaps you want to move and need to sell. Maybe you're looking for an investment to rent out and save until retirement. First and foremost, you need to secure your financing, taking into consideration closing costs, taxes, insurance, repairs, future repairs, and utilities. Talk to a qualified lender or financial advisor to make sure you CAN buy, and how much you can comfortably spend.
2. Be ready to buy. This is more than what you can afford, this is about being ready to make an offer when the right property comes along, sign contracts, put money into escrow, have inspections, pack and move. Sellers don't care if you're out of the country and can't get wifi, they want to sell and if you want to buy be ready.
3. Dawdling will cost you. Yes, buying property is a big investment. Yes, you want what you want at the right price. Yes, you need to do your homework. No, sellers won't wait for you. Yes, someone else will be ready to buy. Let's face it, if you've been looking (and you've been looking) you know what is out there. And you know when the property fits. Don't get emotional, get the property!
4. Get a Realtor. I know, I know, you have been looking on Trulia and Zillow and you know what's out there and what do you need a realtor for anyway, you're reading this blog for crying-out-loud! Well, here's the thing...we Realtors know more than you think we do. In fact, we have probably been through that scenario with every type of buyer and every type of seller and know how to navigate you through the process. We also know how to narrow down your search, save you time, and money, and find that fit. We also know history, what's on the market that isn't listed, and we can help you through "highest and best". We have people, we have contacts, we have skills. We can help you buy in a hot market so you don't spend your evenings on the internet saying, "we should have bought that place".
So, now that you have some ideas...what are you waiting for? Let's buy some property!
- Cassandra Shober is a licensed Real Estate Agent based in Atlantic City, NJ, one of the country's hottest RE markets!
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