How to Buy a Home in a Competitive Real Estate Market | Armonk Real Estate
Demand for real estate is growing in many markets across the country. That’s great, but it creates competition in the form of all-cash offers, offers for thousands of dollars over list price, and a growing gap between affordability and prices in a given area.
This dynamic only adds to the frustrations many buyers face in the market. If you are a part of the majority who are buying a home with financing, these following tips can help you solidify the deal.
Note that price is certainly a factor — if not the factor — most sellers are concerned about. However, while price is crucial, there are other factors that can give you an advantage when you’re trying to secure an initial commitment from the seller.
1. Get the Right Lender
Gone are the days when you could simply get pre-approved to buy a home
, use that pre-approval letter to make offers and expect to get into contract quickly.
, use that pre-approval letter to make offers and expect to get into contract quickly.
Your loan officer’s reputation in the community is critical, especially among the agents who are controlling the deals. If your loan officer has a trusted name, recognition and a favorable presence in the local market, this can be communicated via the listing agent, who has a direct influence on what offer the seller takes.
2. Get the Right Buyer’s Agent
You’ll need a real estate agent to represent you if you’re going to be making offers on properties listed on the open market, and picking an agent to represent you in your house hunt can be no easy feat.
to represent you if you’re going to be making offers on properties listed on the open market, and picking an agent to represent you in your house hunt can be no easy feat.
Getting personal recommendations from family or friends is a great start. Another possibility is to explore review sites and pick an agent who has experience and has open-ended honest reviews by other consumers. Ideally, the person you’re going to want representing you is someone who has a reputation for delivering in the local market. This is especially important as many real estate agents network with each other and work with each other on a regular basis. If your buyer’s agent has a favorable reputation not only in the local community, but with the listing agent in a previous transaction, for example, this is a very good sign that person can influence the seller because they know the offer is strong and they trust the other side.
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