Low inventory is driving bidding wars between home buyers
If you’re in the market to buy a home, your patience is likely being tested with the lack of inventory on the market, the growing pool of home buyers bidding on new listings as soon as they’re available, and rising home prices as a result. Some buyers are getting creative to make their offers stand out, but at what cost?
Don’t let FOMO drive your home buying decisions
We’re hearing stories of home buyers waiving home inspections, offering outlandish amounts of money above the list price just to beat out other buyers, and making offers sight unseen; potentially getting themselves into financial trouble down the road that could have been avoided. No matter how much you want that perfect home, it does not make sense to overextend yourself financially, overlook possible costly home repairs, or to overbid a property’s price only to have it not appraise.
“You’re seeing people are feeling this urge to hurry up and get something done for the sake of missing out,” Chris Hogan, a personal finance expert and spokesman for Ramsey Solutions, told Yahoo Finance Live in a recent interview.
Hogan went on to outline his three-step process for buying a home in order to best position yourself financially:
1. Get out of debt
2. Build up your emergency savings
3. Have a game plan for your home purchase
(Source: Yahoo – continue reading here)
How to navigate the current seller’s market as a buyer
Be patient during your home search as it may take time to find a home you love. Once you do, however, be ready to move forward quickly. Get pre-approved for a mortgage, be prepared to make a competitive offer from the start, and know that a shortage in inventory will likely mean you’ll enter a bidding war. Calculate just how far you’re willing to go to secure a home and lean on your real estate professional as an expert guide along the way. Working with a trusted real estate professional will help put you in a position to act quickly and efficiently when you’re ready to make your move and will help you navigate this current seller’s market in a smart way.
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Let’s work together
The housing market will remain strong throughout 2021 and important to know what that means for you if you’re planning to buy a home this year. If you’re ready to make a move, we’d love to help. Let’s connect today to discuss the current real estate market climate and the best strategy for you based upon your budget, timeline, and homeownership plans.
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