Are you ready for the busy buying season?
July 10 2018
The summer is easily the busiest and most competitive homebuying season of the year. The weather heats up, bidding wars become the norm and millions of Americans scramble to buy properties before school's back in session.
So what can you do to stand out and increase your chances of finding a great property at the right price for you and your family? Here are four top strategies to keep in mind:
1. Get prequalified. Prequalification from a respected lender shows you're serious about buying a home, and it gives sellers confidence in your offer. If it comes down to you and a bidder who's not prequalified, you'll have the upper hand.
2. Write a letter. Draft a letter to the sellers about your desire to own their home and what it would mean for your family. These personal appeals are often what puts one buyer above the rest in a multiple-bid situation.
3. Add an appraisal contingency. It's likely that you'll encounter competition when you find the home you want, and you may need to offer a little more than asking price to win a bidding war. If this happens, make sure to include an appraisal contingency in your contract. It can protect you in case the home appraises for lower than what you offer.
4. Act fast. Speed is of the essence in the summer. If you like a home and it meets your needs, act quickly. The house could go off the market soon, and waiting even one day could take it out of the running.
As the weather heats up, so does homebuying. Make sure you're prepared for potential bidding wars and contact me about getting prequalified before you make an offer. It can speed up the process and give you a leg up on the competition.