Kitchen in newly constructed luxury home.
Buying a house in a seller’s market can be a stressful and time-consuming adventure full of disappointment. When the real estate market is hot, many sellers are forced to compete with cash offers and no contingencies offers. If you are looking for a house to purchase, here are some expert tips to help you buy a house in a busy real estate market.
#1) Find a Fixer-Upper
A fixer-upper will likely have less competition than a move-in-ready home. If you have the time and skills needed to make repairs, you can often get a fixer-upper at a good price. Many potential home buyers may have a wish list for what they want in a house. Try expanding your search and including all homes, like fixer-uppers, that you can change and mold into what you want.
#2) Write a Personal Letter
Not all sellers are looking to make the biggest profits on their house. Some sellers may accept a lower offer if it comes with a personal letter. You can submit a personal letter with your offer to help explain your family’s situation and why your offer may be lower than others. When writing the letter, explain why you love their house and can see your family living there. It may also be beneficial to add a family picture to the letter.
#3) Make an Offer Early
The longer you wait to make an offer, the more time other buyers also have to make an offer. If you see a house you love, you may need to make an offer quickly. Talk to your trusted real estate agent about submitting an offer the same day you see the house. This can give you an advantage and help you avoid a bidding war.
#4) Get A Pre-Approval Letter Before House Shopping
A pre-approval letter should be the first place to start the home-buying process. Meet with a mortgage lender and have them give you a pre-approval letter. You can send this to your real estate agent and then can submit it with any and all offers you make on a home. This provides an added layer of security for sellers when looking to accept an offer.
#5) Buy As-Is
Another expert tip that can help buyers secure a house they love is to make an offer that has no contingencies. An as-is offer will allow buyers to close quickly on a house and avoid needing inspections. These offers often appeal to sellers because they can sell their home without the need for any repairs to time constraints.
These expert tips can help potential buyers find a house in a busy real estate market. While you may need to enter a bidding war, these tips can help save you time and money. Connect with your trusted real estate agent here at Live Dallas Realty about your wants and needs for your future house and how we can help implement these tips to work for you.