Are you planning to buy a home? Congratulations! It can be exciting but also stressful, but no need to worry! Property Twins are here for you. Are you wondering how to navigate the housing market? We have tips and tricks that can help. Buying a home takes patience and planning. The housing market is very hot with people flocking out of higher density metropolitan areas and into suburban neighborhoods. Home shortages have increased with people staying put and building equity.
We at Property Twins constantly pulse the market, and if there are not any perfect homes available to you, there may be some you can start with and remodel to make it what you want. After all, Property Twins hold both Realtor AND Contractors Licenses! This is a 2-in-1 combination you don’t often find.
Buyers are pulling tricks to win bids. Here are some tips to help increase your competitiveness.
1. Find a Strong Real Estate Agent
Buying a home requires inside knowledge, expertise, and experience. If you are a first-time buyer, then you will significantly benefit from guidance. Real estate agents can navigate the market for you and negotiate on your behalf. Great agents have a strong network and can often locate properties before they are available to others on the open market. Look for agents who know real estate and who offer unique value, especially those who have experience with remodeling and development. They have an eye for quality and issues that most agents do not have, and have resources for remodeling that can be a huge benefit!
2. Understand Your Timeframe
Are you aware of how long it takes to buy a home? Between scouting neighborhoods, finding what you want, submitting offers, negotiating, losing out to higher bidders, and starting the cycle over, it can be physically and emotionally exhausting. Buying when short on time may cause you to pay more than you want. When we represent our buyers and sellers, there are many tips we leverage to offer the greatest benefits. Don’t rush into this process and get started early to maximize your timeframe.
3. Prepare for a Cash Offer
Cash is alluring! Sellers love easy money. And if you are willing to give a cash offer, then you might win the bid. We understand getting a huge sum of cash is not possible for a lot of people, but some can, and that sets them apart. The housing market is a race and people pull weird tricks to get the deal. Your cash offer for buying a house will surely set you apart in the housing market if you’re able to position for this.
4. Submit an Irresistible Offer
There is a good offer and then there is an offer that you cannot resist. Aspire to be the latter. Are you competing with others and cash offers? If that’s the case, then you should convince your sellers that you are the one. Your agent can get behind the scenes and contact the sellers for you because sometimes it’s not about the price, but rather about the terms (e.g. timelines, no financing contingency, no inspection contingency, seller rentback). Your agent can help to identify an angle that may give you the winning edge over cash offers.
5. Know When to Walk Away
Sometimes you must know when to quit and walk away. Some deals are not worth the extensive pressure and money. We at Property Twins can help to navigate the waters and advise when it’s time to consider the next home. You would not want to settle for a house you don’t want and don’t want to overpay if it’s going to add more stress than needed. Being patent is the key to the housing market so waiting for five more months is not unreasonable.
Real estate agents know the market and buying a house during a pandemic can be tiresome. Housing market actuals and future predictions state that home valuations will continue to increase as inventory is low, demand is high and interest rates are at an all-time low. If you are planning to buy a home, then we at Property Twins can help you not only buy a home but also to add value and make it what you want once you own it. Navigating the housing market will be simpler with us.
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