Here are a few things you’ll need to know if you’re planning to buy a home in a competitive market.
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Buying a home can be complicated in the best of times, but if you’re in a particularly competitive market, there are a few points you’ll want to keep in mind:
1. Set your price point and know where you’ll be shopping. Many people will start with a specific price point in mind based on their preferred monthly payments. But for some, that range can creep up over time until, after the buyer has already made an offer, they realize that the monthly payment they’d have makes no sense for their budget.
In a competitive environment, asking for extra terms on top of trying to negotiate prices isn’t setting yourself up for success.
2. Don’t be afraid of the market. Instead, just prepare yourself to by a strong buyer within that market. We want you to have an offer with a high chance of being accepted, which involves thinking about any contingencies your offer has, whether you’re asking for seller concessions, etc. In a competitive environment, asking for extra terms on top of trying to negotiate prices isn’t setting yourself up for success.
3. Work with a great agent. A great agent is one who can help you to work through the process so that you’ll be set up for success. They’ll help you find out what the seller is looking for in terms of an offer; they may not only be after a good price, but rather a specific closing date or another set of terms.
If you have any questions about purchasing a home, especially in a competitive market, feel free to reach out to us at the Taylor Team. We’d be glad to help you.