When buying a home seems impossible, there are steps you can take to set yourself apart in a crowded market.
Work from home life builds a demand the housing supply can’t keep up with. Additionally, experts say we can continue to count on stiff buying competition. Earlier this year, housing inventory tanked by nearly 30% year-over-year to a record low!
Is there hope for my home-owning dreams?
Of course! But, as with all good things, it’s got to be supplemented with a little hard work. Here’s how you’ll set yourself apart:
- Show them the money. These days, making an offer above the asking price isn’t uncommon. Just remember, lenders only loan as much as an appraisal says the home is worth. The rest; you’ll have to fork out in cash. Bigger down payments (20% is often the recommendation) could make you a more attractive buyer, too.
- Get pre-approved for a mortgage. Preapproval makes lenders know you’re responsible for your money (and will be with theirs, too). It also informs you how much home you can afford and tells sellers you’re a serious buyer.
- Call in a pro. A real estate agent makes the road from “house hunter” to “homeowner” a lot smoother. Not only do they help you find the home for you, but they also help prepare a competitive offer and successfully negotiate at every step.
- Be flexible. This may mean letting the sellers pick the closing date or letting go of some “must-haves.”
To set yourself apart, try writing a letter. It’s a different, direct form of communication that describes to the seller why you’re the best person to move into their home. It also grants the opportunity to tell them more about your employment and financial situation. But, oversharing is possible and can sometimes be problematic.
Buying a home in this market is stressful and can feel like a lot to tackle on your own. We’re here to support you and answer any questions. (P.S. – If you’re more of a Social Media person, D.M. us on Facebook or Instagram, and we’ll personally set you up with someone perfect for you and your goals.)