There's no doubt about it, the market is hot. There are few homes on the market and it's very competitive. Homes priced well in great locations are likely to see multiple offers!
This just means you need to be prepared:
1. Get Pre-approved — If you're not paying cash, you must have a pre-approval letter from a lender for your offer to be considered. If paying cash, have documents that show proof you have the cash available to purchase the home.
2. Prioritize — It's critical to know your wants and needs and be ready to act. Prioritizing helps you determine what ‘wants’ you can sacrifice if need be while knowing you're not giving up a ‘need’. Life is all about compromises and even people with the largest budgets have to prioritize.
3. Be Clear — Sitting down with your real estate agent for a buyer consultation to clearly define what you want and what's important to you is important. Discuss a strategy for communication so they can reach you right away when a home that meets your criteria becomes available. Agents with great relationships often know about homes before they come on the market and may be able to get you in early so stay in touch!
The benefits of having a solid relationship with a great real estate agent during a competitive market is priceless. Having someone who knows the market inside and out, is available, and is an expert negotiator may be the difference between getting the home you want and missing the opportunity.
