Learn how you can get the house of your dreams even in a competitive real estate market.
The home buying market is extremely competitive at the moment. With all this fast-paced competition, it can be challenging for buyers to locate, bid, and win the home of their dreams. However, buying a home doesn’t have to be an impossible challenge; try out these suggestions to help you buy a home in a competitive market.
- Get Preapproved
Before you even start shopping for a home, you need to get preapproved by a mortgage lender. Getting preapproved means that your credit and finances have been examined by a lender and that they have provided you with an estimated amount of mortgage you can afford. When you are preapproved, sellers will take your bid more seriously because they know that you are a serious buyer who is ready and financially able to close a deal.
- Avoid a Contingency Contract
Having contingencies with your offer will immediately push your offer down the list. For instance, having contingencies such as having to sell your current home before closing on the new one will repel sellers. Because you are competing with many other buyers, having a firm, clean, and straightforward offer will work to your advantage.
- Save Up for Your Best Down Payment
Finally, making an offer with the highest down payment possible can improve the chances of your offer being accepted. Sellers are more likely to accept an offer from a buyer with a larger down payment for several reasons. For instance, they might believe that a buyer with a larger down payment will have a smoother time qualifying and securing a good mortgage and actually seeing the sale through.
These are some of the suggestions you should try if you are attempting to buy in a competitive market. Are you looking to buy or sell in the Hermosa Beach area? If so, make sure you are getting the dedicated and top-tier escrow services that you deserve. Contact the experts at Brighton Escrow to begin your hassle-free home selling or buying process today.