5 ways to Compete as a Buyer

5 ways to Compete as a Buyer

5 ways to Compete as a Buyer

5 ways to Compete as a Buyer

For the last year or so, the real estate market has been favoring sellers. Since the inventory has been low, prices are being driven up as multiple buyers are competing for the same home. Although more homes are coming on the market, buyers still need to be making sure that they are putting together the best offer to secure their next home and we have a few tips to help you.

Get Pre-Approved for a Mortgage- This is the one of the most important things that a buyer can do to stay competitive and at least make it past the first cut. This tells the seller that you are a serious buyer and have put in the maximum effort to show them that you want this home. The only other financial piece that beats being pre-approved, is making a cash offer.

Be honest about what you are looking for- With so few homes on the market, buyers really need to be as specific as possible with what their deal breakers are. If you need that 4th bedroom, don’t place an offer for the three bedroom. Although it can be difficult to look away, your needs do not have to be compromised. This will also help to guide your realtor as they continue to narrow down the homes for you to look at.

Cover Letter- Not just for job applications, a cover letter is the opportunity to personally tell the seller why you are interested in their home. It could be that it is close to your family, in the ideal neighborhood, or you really love the backsplash in their kitchen. It doesn’t have to be long, but adding a personal touch may just be what is needed to secure you your new home.

Be Ready to Move Quickly- Unfortunately, we aren’t talking about moving in your belongings but rather having all the prep work done so that once you do find the right house, you can submit your offer quickly. Your loan officer and relator also need to be able to shuffle around the necessary paperwork promptly to secure your home.

Prepare to Counter- It may just be the case that the buyer comes back with a counter to your initial bid. Anticipating what they may say is going to not only prepare you mentally, but also provide the chance to speak to your realtor about what your options may be. You could offer to pay the transfer fees or raise your purchase price but pay the difference in cash. Your realtor will help you make the best decision as your ultimate resource.

In highly competitive markets like this one, having 5 ways to compete as a buyer and a realtor who understands the market and will advocate on your behalf is a must. At Hare and Associates, our team wants to make your home buying process as easy as possible. Our website is always listing new Thousand Oaks homes for sale and our Coming Soon page gives you an idea of what is coming before it hits the market. As a trusted Moorpark Realtor for years, we are ready to help you secure your dream home.

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