Trying To Buy A Single-Family Home In A Competitive Market? Here's How To Be Successful
If you are relocating to an area with a highly competitive housing market and need to secure a single-family home as soon as possible, then there are certain things you need to do to ensure your success, including:
Work with a Top-Producing Buyer's Real Estate Agent
Top-producing real estate agents tend to be the ones who take their jobs very seriously and go out of their way to know about all of the properties for sale in any given area on any day. This means that if you work with a top-producing buyer's agent, then they are the most likely to be one of the first to know about new listings. This is important because the first person to see a high-quality property always has the opportunity to put in the first offer.
Obtain Preapproval for Your Upcoming Mortgage Loan
If you aren't preapproved for a mortgage loan, then it's best you avoid trying to buy a house in a busy market. You will be competing with buyers who are preapproved and will likely get an outright denial on any purchase offer you make because you don't have any proof you will be able to close the deal.
Getting preapproved for a mortgage is a must when buying in a competitive housing market.
Have the Cash for a Large Good Faith Deposit Readily Available
Though many single-family home buyers give a lot of thought to the price they are willing to offer for a home, they often don't give a ton of attention to the amount of the good faith deposit or other important financial aspects of the offer.
When you are trying to buy in a competitive market, you should always assume other buyers are making the most attractive offers they are capable of making. For this reason, you must have plenty of cash available to make a large good faith deposit. Your ample good faith deposit shows the seller you are serious about completing the sale and can give you a nice edge over other buyers.
Write a Heartfelt Letter to the Home's Seller
Lastly, while it might seem strange, sometimes all it takes to beat out the competition when buying a single-family home for sale in a competitive market is writing a short, heartfelt letter to the seller.
Your letter should briefly introduce your family and mention all of the things you love about their property. Often, a seller just wants to know the family who bought their home will love it as much as they have and a letter from you can seal the deal.