Home Buyers: Understand Your Housing Market
Buying a home can be exciting, intimidating and even a bit complicated at times. Sometimes finding THE right home can take months, if you have the time to spare. It can be an emotional roller coaster, although having the right buyers agent on your side can make all of the difference. We have previously put together some home search tips to help you prepare, but it all starts with researching your market.
You’ve no doubt heard the terms “buyer’s market” or “seller’s market.” If you’re house hunting, you hope to be on the right side of that equation – in a buyer’s market – if possible. Currently, it is more likely you’ll be house hunting in a “hot market.” . A good real estate agent can help guide you to learn the ins and outs of the market you are searching for a home in.
Hot Market!
If you do decide to wade into a hot market, here are some tips to keep in mind:
- Be patient. You might run into a home that you find and love, but it already has multiple offers. Your agent can guide you in with a strong offer but you could lose out. Just know the perfect opportunity is just around the corner so hang in there!
- When up against other offers, you may have to be prepared to pay more than list price. Your agent can advise on this but keep this in mind when looking at homes try to stay below the top of your budget.
- Remember, a hot market is often determined by the market segment. In some areas it might be suburban single-family homes; in others it could be urban one-bedroom condos.
Strong Market!
- Stay Alert. The best homes may still sell quickly, but it may not be crazy bidding wars. Be prepared with your pre-approval and constantly keeping an eye on the new homes coming on the market.
- When up against other offers, find out what the sellers really want and craft an offer that gets their attention. Your buyer’s agent is instrumental in knowing what you can offer that is minimal or no cost but preferred by sellers. Your agent can provide you comparable neighborhood sales that will help you feel comfortable with your offer knowing its competitive and reasonable.
- Remember, a strong market also can be in various areas and if most of the current buyers are looking for the same thing you are you have to be one step ahead.
Knowing your local housing market is a basic first step in getting a home you’ll love and can afford without overpaying or missing an opportunity. It’s even more critical if you’re moving to a new city and need help in learning the lay of the land. With the help of your real estate agent, you will then be ready for some serious house hunting.
If you are considering buying a home, you can take the pulse of your local market right now and see where it stands. With some inside info from your real estate agent, you’ll be able to make a smart decision about how to buy in the current real estate market. You want an agent that understands the market and how to approach making offers in each particular type of market.
The Marr Team has experienced agents who are very knowledgeable about the market to help guide you with your home search. Knowledge and experience are not expensive; they are priceless!