Are you ready to buy real estate?
If you are ready to buy you are not alone and we are in a tight market in the greater Kansas City area. Inventory of homes for sale is low and they go quickly.
There are many tools to use to find a property, but you are at one of the best. Finding and buying a home doesn’t have to be a huge difficult endeavor. I can assist you finding Your Next Home and take the stress out of the process.
What can you do to prepare to buy a home in a tight market?
According the National Association of REALTORS:
- Determine and stick to a budget. Before beginning the house hunting process, prospective homebuyers should receive pre-approval from one or more lenders to verify the amount of money they are qualified to borrow. Then, after taking into account additional costs of ownership such as taxes, utilities and insurance, buyers should determine a final budget they can comfortably afford. When listings are scarce, bidding wars can drive up prices, so buyers must be prepared to walk away if the asking price surpasses their budget.
- Identify desired neighborhoods and home wants versus needs. When housing inventory is tight, buyers may need to compromise on what they believe they want from a home. Certain wants, such as stainless appliances or hardwood floors, can be added later. However, if a buyer wants to be in a specific school district or have a decent sized backyard, those cannot be addressed later and must be taken into account during the house hunting process.
- Be ready to make a decision quickly. In a seller’s market, homes rarely stay on the market long, so when a house that is in their budget and checks off all of their needs come along, buyers should not hesitate. Buyers should be ready to submit an offer quickly, or they may risk missing out on the home altogether.
- Bid competitively and limit contingencies. It is tempting to submit a low offer as a starting bid, but in a seller’s market buyers need to put forward their highest offer from the very beginning or they are likely to lose out on the home. It is also important to remember that in multiple bidding situations it is not always the highest offer that is most attractive to the seller but the one with the fewest contingencies. Removing restrictions related to the sale of a current home and being flexible with things like the move-in date can make a bid stand out to a seller.
- Work with a Realtor® Andrew Sexton