Let’s see what realtors recommend when it comes to buying a house in a tight market.
Things to know before buying house
- Make a Thorough Inspection for Repairs and Defects
Well it is very common that a buyer’s agent would try their level best to hide most of the repair areas as it might result in lowering the price but you have to be very careful at this time. Or in other cases when the competition is very high, sellers are least interested in making any repair and would like you to take over the house with the same condition without lessening the price. In both cases, you need to make a thorough inspection without trusting the agent blindly so you can make correct analysis about the price it is going to cost you later.
- Be Friendly with Other Party
When you try to be very strict and interrogative with the realtor and the seller then they might get irritated with you and hide some major issues that should be in your knowledge. So it is better to very friendly with them so you both get comfortable in discussing each and every issue that you have to face once deal is finalized. It is always good to go an extra mile if this makes someone feel easy and comfortable.
- Be a Good Bidder Considering Competitive Market
Well when competition is very high then you can make the situation in your favor as well by bidding wisely. It is natural that the seller starts their bidding with highest prices while buyer do that from lowest prices but you must analyze a situation before making any bid. Don’t forget the buyer’s agent always have good negotiation skills so always bid an amount which is competitive but with the fewest contingencies. Your flexibility regarding little things like moving in date can make your bid stand out to a seller.
- Work with a Professional
Generally, all real estate is local so it is better to work with a professional realtor who is a member of national association of the state. This will make your search easier as the professionals are always familiar with the areas and know the neighborhood than anyone else. They are a good resource on whom you can trust easily who will not bluff with you to make a deal which is in their best interest and instead they will try to make an optimized deal which is in favor of all parties.
- Don’t Judge Any House from the Listing Pictures
It is very common these days that you look at the listing pictures and decide which houses to consider. It is somewhat an incorrect approach as many pictures don’t show the real situation. For instance, the house that look unappealing in pictures might be very great in real or the house that look too much appealing might be weird in reality. So, don’t fall for the pictures only and look at the details given with each house by the buyers agents. The details might sound appealing than the pictures and you get your dream house at the end.
- Make Decisions Quickly Once You Find Your Desired House
You have to make decisions very quickly once you find the house which is meeting all your desired requirements. It is because when the competition is very high then you have to be very quick with your decisions otherwise you are going to lose the deal most likely. This may also mean rushing to bid an offer as quickly as it appears in the listed homes as it might slip away if you take more time to think. Be firm with your decisions but be quick as well when you get a feeling of this one to be the perfect.
- Get Your Financial Reports Ready Before Hitting Any Agent
This should be done as a first priority before contacting any agent as it proves that you are able to buy a house. Mostly real estate don’t even take you to any house unless you have preapproval letter or proofs of funds which makes your financially stable to buy any house. It is because they have to show sellers as well that the party they are bringing for their house is stable and very serious to buy your house. So it is a mandatory thing to be done before starting your search of houses.