If you are looking to buy a house in today’s market, you probably know it’s not easy. You can sell your house fast for over asking price but what are you going to do after the sale? Buying a house is hard now, but it’s not impossible. I would like you to share with you some tips on how you can find your dream home in this hot sellers market. There is no guarantee but I would say if you can be a little bit creative you can score better deals than others. More on that later.
Rockstar realtors are the key.
Realtors play the most important role when you are looking to buy a house but they are not equal. Agents are humans and sometimes they get lazy like everybody else and we don’t want that. We want some savvy agents who will go extra mile to make things happen. Experience is the most important factor when looking for an agent. If they have a lot of experience they know your market inside out. Volume of deals they are doing per month will be your indication. If they are doing crazy amounts of deals that means people want to work with them because they are good. They know how to listen and if they know what you are looking for then it’s easy for them to find what you want. From my experience, savvy realtors know how to negotiate and deal with agents on the other side so the transaction is smooth and everybody is happy.
Take care of your finances.
I think it’s safe to say that finances are the most important part if you are looking to buy a house. Of course it’s not the only one but I think it’s the most important one. Lets just say it if you don’t have money and other financials in order it will be tough to buy a house. Find a bank or mortgage lender who can help you understand what you need in order to make things happen. Your lender will give you a pre approval letter based on your finances. Basically it will say how much you can afford to spend on the house. In order to be in the best financial shape, it’s a good idea to plan ahead how you will handle credit card debt if any. If you have credit cards, pay them off if you can. If you can’t afford to pay off everything, do your best. It will always help. IF you have non payroll income and you can document where the money is coming from it will help you qualify for the loan.
Being flexible is a key.
In the sellers market I would recommend looking at a lot of houses. Prepare a list of things or amenities you are looking for and start checking boxes. If you go and look at a lot of houses you will get a good idea if you can afford one. Maybe you have to go a little bit further away in order to buy a house you are looking for in your price range. IF you are really flexible maybe a condo would be a good starting point or a townhome. It really depends on your needs and what you are looking for. IF you don’t have kids then a good school district is not important for you or maybe you get away with one car garage instead of two. You can check nearby cities with a little bit longer commute to get what you want.
Fixer upper may get the deal done.
When the market is hot and sellers are in control it would be a good idea to take into consideration a problem house. House that needs work. WE have to realize that to buy a house in the seller’s market is not easy but taking on a project will give you an advantage over other buyers. In today’s market potential buyers are looking for updated houses and a lot of them don’t want to do the renovations because it takes a lot of time and a lot of money. This exact reason may be your advantage and if you a little bit savvy you can get it done