Every spring season, the housing market makes it into the headlines, and the same is expected for this year as well. The market appears good for sellers, but buyers may have to face a few problems if they do not have a proper strategy in place. Construction rates are not that high, so the demand will probably be more than the supply. As a buyer, how do you get ahead in such a seemingly tough market? Here is what we advise.
Arrange Your Financing
Even though you know no bank is going to reject you, the problem is the seller does not know that. Who knows, may be the seller is also in a hurry and quickly wants to close a house, probably because he is also looking for another property. Whatever the case, our point here is that a mortgage prequalification is not going to be enough this spring. You will actually need a mortgage preapproval if you want to get that home.
Touch the Seller Emotionally
No matter how professionally you behave, there have been so many incidents in the past when emotions were the key to success in a real estate transaction. Our suggestion? Touch the seller emotionally. A real estate agent told us that emotions can have a significant impact and on influencing a seller’s decisions. As an example, if someone is selling a house where they have a lot of memories, they will be more eager to deal with a buyer who is willing to maintain these memories in the house.
Find Out What the Seller Is After
There are often instances when a home is being sold to prevent a foreclosure or because the seller is behind on their payments. In such a case, the seller will want to close the deal as fast as possible. Maybe if you offer an incentive like an impressive down payment or an all-cash deal, the seller may conduct a deal with you even if your offer is less than what the others are offering.
Be Quick If It Is Possible
Home buying is a big decision, and yes, you should not rush the process. However, bring in today’s market conditions into the picture, and this may not be the best possible advice. So if you really love a home and a neighborhood, and are dead sure that this is where you want to live, it will actually do you good if you quickly get over with the formalities.