Buying a home in a market with little inventory can be competitive and challenging. It’s time to be proactive, prepared and diligent in your approach. The following tips will help you navigate the market and make a smart purchase decision.
1. Get Pre-Approved with a local lender
If you are planning to finance your purchase, you shouldn’t even start looking at homes online unless you are pre-approved. Make sure you speak with a local lender too. They know the market and know what it takes to make a strong offer.
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2. Meet with your real estate agent for a preliminary meeting.
Your real estate agent will go over the entire process in a nutshell and prepare you for the type of market to expect. They’ll let you know when you need to move quickly or if you able to take your time. They might be able to find you a home you can write an offer on that is contingent upon the sale of your current home! Wouldn’t that be nice?!
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3. Set a budget!
I think you should do this after meeting with your lender because sometimes they qualify you for more than you really want to pay. Don’t buy more home than you can technically budget for… unless you want to have some empty rooms. You’ll need to consider taxes, maintenance, HOA fees and costs associated with furnishing your home!
4. Do your research!
Your real estate agent will be well-versed in the market, but you’ll want to pay attention to things that are important to you. Ask your agent for reputable sites regarding schools, crime, demographics, etc. Your REALTOR® is bound to a Code of Ethics that doesn’t allow them to discuss many of these topics.
5. Bring an inspector with you to showings.
Most licensed home inspection companies offer “Walk and Talk” inspections to conduct during showing appointments. They can inspect the property while you tour the home and provide a summary of their findings at the end of the showing. Their fee must be paid ahead of time and they will not give you a written report. If you are fortunate to be able to add a home inspection contingency to your offer and it is accepted, have the home inspector and other contractors they suggested to hire to come back for a full inspection.
