The guidelines for purchasing a house have changed! If you’re hoping to become a homeowner soon, it’s crucial to understand these game-changing rules.
Here is what’s evolved in the conventional home-buying journey. To begin with, home buyers must prepare for elevated costs and increased mortgage rates. Also, the overall available inventory is considerably less than it was a year ago. Consequently, buyers need to implement additional strategies to effectively contend with fellow home seekers. To secure your dream home in today’s market, follow these five game-changing rules.
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Brace for an Extended House Hunt
First, with limited inventory, buying a house could take three to six months or longer. Multiple-offer scenarios are more common now, complicating negotiations. Plan for a potentially longer process. If you’re on a tight moving timeline, start your search early.
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Secure Financing Ahead of Time
Next, getting pre-approved for a mortgage before starting your home search is key. Sellers take pre-approved buyers more seriously. Meet with lenders for mortgage options. Compare terms, interest rates, and fees for the best deal. Don’t forget to consult your agent for recommendations!
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Avoid Underestimating Your Offer
When making an offer on a reasonably priced home, present your best offer up front. Bargaining with a lowball offer might not work. Accept that offering — and paying — the full list price is often the reality in competitive markets.
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Limit Contingencies
Contingencies protect buyers, but can deter sellers. Minimize non-essential contingencies to stand out. Consider waiving less important ones. Sellers appreciate fewer contingencies. Consider forgoing certain inspections or sale-related contingencies.
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Act Swiftly
Some sellers review offers quickly. Respond swiftly to view, discuss, and submit offers. Be ready to make a full-price offer if you find the perfect home. Your readiness determines success!
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The best tip we have for prospective buyers? Work with an experienced team who knows the market inside and out. First, contact Sandstone Financial’s Allycyn Bennett at 949.717.7290 to get pre-approved. Then, contact your local real estate specialist at SurterreProperties.com. to begin your home search.
