5 Tips for Buying a Home in an Aggressive Market
If you’re feeling overwhelmed by the current market, you are not alone. The power is in the seller’s hands which can leave many feeling discouraged. There is a house out there waiting for you, I promise. It may take a bit of creativity, flexibility and of course, the below tips, but together we can get it done!
Here are my top tips for buying in an aggressive market.
1. Expand Your Search Location
It’s easy to fall in love with a location. However, in a competitive seller’s market it’s often difficult to find a home that checks off all of your boxes. If you’re looking for some wiggle room- location is a great place to start.
So many of my clients want to stick to a particular neighborhood or a certain city or town. I know all too well how challenging it can be to break away from your vision of your home. However, expanding your location search gives your more options and in turn, a better chance of procuring the home of your dreams.
I recommend starting by expanding your location search to neighborhoods right outside your desired area. Be sure to explore the neighborhood to make sure it’s the right fit. Who knows, you may find the new up and coming neighborhood on the north shore!
2. Think Low, Offer High
Offers are coming in fast and high… very high. In this market, most homes are going for well above asking (think $100k PLUS over asking!). Hundreds of perfectly qualified offers are being thrown out due to sky high offers that often include:
- Paying in Cash
- Waiving Inspection
- Waiving Appraisal
- 30-Day or less closing dates
To find success in this market, I recommend finding a property that is below your budget and submitting an offer well over asking price. An offer above asking will immediately help you stand out against other competitive buyers and show the sellers you are committed and genuinely interested in their home.
3. Find Your Must-Haves
If you have a long list of must-haves it might be time to zero in on what is most important to you. In a seller’s market it can be tricky to find a home that checks every single box on your list. However, there are still homes that are just what you need. Narrow your list down to two or three must-haves that are the most important to you. Things like size, layout, number of bedrooms, and bathrooms should be at the top of your list, while smaller items that can be altered later like granite countertops, special appliances should be near the bottom.
4. Look for Potential
When you’re looking at homes, be sure to have an agent by your side who can think creatively. Real Estate agents see hundreds and hundreds of homes day in and day out. I personally have an eye for improvement and use of spaces. I will happily help you visualize if a home will work for you. I will also be honest when I think a home may not be the best fit. Also keep in mind, having some wiggle room in your budget for improvements is a great way to stay competitive in this market.
5. Find a trusted agent who has proven tactics to get your offers accepted
Not all agents are created equal- especially in a competitive seller’s market. Working with a professional with years of experience can help ease your mind. If you’re looking for guidance, I would be happy to work together to find you a home that works for you. My clients are getting their offers accepted, it’s just taking a bit of patience and creativity!
