Between rising prices, heated competition, and historically low inventory, there’s no denying that it’s been challenging for buyers to navigate today’s market.
But just because today’s market is challenging for buyers doesn’t mean it’s impossible; you just need the right strategy for success.
So what, exactly, is that strategy? A recent article from realtor.com outlined the key tips homebuyers need to know in order to succeed in today’s scorching hot real estate market, including:
- Shop for homes below your budget. In today’s market, homes are often selling for significantly higher than their asking price—so if you look at homes at the top of your price range, chances are, you won’t be able to compete in a bidding war. Instead, look for homes below what you can afford; then, if you end up in a bidding war, you have some wiggle room to make a competitive offer—which can increase your chances of success.
- Act fast. Buying a home is a big decision—so it makes sense that you’d want to take your time in deciding whether to put in an offer on a home. But if you find a property you love, in today’s market, you’re going to want to act fast. Homes are selling extremely quickly—so taking too much time might make you lose out on your dream home. Bottom line? You don’t want to rush and make an offer on a home you don’t love—but if you find something you want to buy, work with your agent to make an offer as soon as possible.
- Be patient. In today’s market, bidding wars are the norm. That means, as a buyer, your first offer may not result in a successful home purchase. But be patient! Your home is out there; you may just have to go through the process a few times before you find the right home at the right time with the right offer.