YOU SNOOZE, YOU LOSE!
YOU KNOW THE OLD SAYING ....
"If you snooze, you lose!" Sadly, this is true for many buyers currently dipping their toe into the hot Houston housing market. If you're looking to buy a home this summer, get ready for a war. A potential bidding war, that is. With record low interest rates, a low inventory of homes from which to choose, and stable to high demand, the conditions are ripe for homes to disappear off the market almost as soon as you found it. This leads to frustration and disappointment on the part of many buyers. But, it is avoidable!
KNOW WHAT YOU CAN AFFORD
The first step for a buyer in any real estate transaction is to meet with a lender and get pre-approved. This process of pre-qualification takes the guesswork out of the whole situation and gives buyers firm numbers to work off of, and a foundational starting point for shopping.
It also boosts buyer morale and confidence during the buying process. That confidence carries over when it comes time to "pull the trigger" and officially submit an offer on a home. A pre-qualified buyer is as good as a cash buyer in that they know exactly what they have at their disposal, and can thus present a strong offer that the seller can, in turn, have faith accepting.
WAYS TO BE PREPARED AND COMPETITIVE
Work with a trusted, reputable REALTOR! The seller will have more trust knowing that the deal has less of a chance to fall through when the buyer is working with someone very familiar with the complicated contract-to-close process. Further, listen to the advice & recommendations provided by the REALTOR you have allowed to represent you. They have a fiduciary responsibility to you and you alone. Their goal is to help you get into the house of your dreams! Their experience and wisdom in the process is invaluable.
Go the Extra Mile! "Play stupid games, win stupid prizes." My advice to my clients is to NOT play games or lowball the seller, if it's the house you really, really want. One of my jobs is to present you with comps for the home you're looking to bid on. The data will give us a good idea of a strong, but fair, offer price. Eliminate contingencies wherever possible. Sellers are far less likely to accept your offer if it is contingent upon the sale of your own home. Write the sellers a personal note to let them know your feelings about their home, and how much you hope to buy it from them. My point is, there are many ways to make your offer stand out from the crowd -- from offering additional earnest money to not asking for a home warranty -- and several other negotiating strategies that are highly effective. My team and I will work with you to ensure your offer is competitive and has a great chance of acceptance.
Don't give up! For some buyers, even if they have done all of the above, the chances are still good that they will lose a house or two in a competitive bidding situation. This is because some price-ranges and communities/subdivisions are just more competitive than most. Be patient, because there will be others! I will be there to make sure you don't lose heart, and that together we achieve your goals.
Interested in more information? Give me a call! I'm always available to talk, and would be happy to provide you with the information you need to remain informed.