Looking to buy a house this year? Before you start your search, review these seven insider tips from real estate agents.
1. Start your search as soon as possible
If you are considering entering the market, begin the necessary steps now.
“Fill out a mortgage application and get settled with an agent right away,” says Ron Leffler, a real estate broker in Alexandria, Virginia. “The sooner you can start receiving valuable advice from these practitioners, the more informed you will be, even if you are more than six months away from an actual purchase.
Leffler added that by starting early, you’ll avoid last-minute scrambling.
HOME PRICES SOAR IN 2022
2. When looking for a house online, set your maximum price between $15,000 and $20,000 less than what you pre-approved.
Follow these tips from Cheyanne Banks, a Nest Seekers International Certified Real Estate Salesperson in Palm Beach, Florida, and Jersey City, New Jersey.
“The number one secret to buying a house in 2022 is setting your maximum price in your online house searches,” she shares with TBEN News. “The reason I suggest this is that if you find yourself in a bidding war situation, which is very common in current real estate market conditions, you will be very comfortable bidding above the price requested by the seller without exceeding your budget.”
3. Do your homework on your real estate agent.
Doing this early on will make a big difference in your home buying process.
“Ask and hire a real estate agent who has several years of experience in multiple-offer scenarios,” says Banks. “When interviewing a buyer’s agent to represent you, be sure to ask how many deals they have closed with four or more offers, and of those, how many have they accepted? ”
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Banks also recommend asking potential real estate agents what techniques they plan to use to make your offer more attractive to a seller, especially if you plan to finance your purchase and are competing with cash buyers. .
4. Be flexible with your “must have” criteria.
Yes, the playroom, basement workshop, and dream kitchen island would be perfect and all, but are they non-negotiable?
“Dive deep into what’s truly important to you and your lifestyle when it comes to the home you’re buying. Your “must-have” criteria might be a two-car garage, a pool, or proximity to your workplace, but maybe you’re willing to give up an in-unit washer and dryer, a balcony, or a view of the water,” Banks says.
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“Have a thorough consultation with your realtor about those wants and needs before viewing homes,” she continues, adding that in a real estate market with low inventory and a glut of buyers, being too rigid or non-negotiable can lead to a narrow house search. and missed opportunities.
5. Be ready to act quickly with an offer.
Again, as Banks points out, that means getting pre-approved before you start looking for homes, “so when your dream home comes on the market, your agent can immediately submit your offer to the seller.”
Banks notes that it’s not uncommon for a seller to be more likely to accept the first or second offer they receive after listing their home for sale.
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“The reason for this is that it signals to the seller that the buyer is serious and more likely to commit to the transaction, which increases the likelihood that the ultimate goal will be achieved for both parties involved, namely getting to the closing table smoothly,” Banks mentioned.
6. Show the seller you mean business.
After you get the offer, go the extra mile.
“When there are several offers to choose from, sometimes the financial difference between the main offers is minimal. Look for creative ways to reduce seller risk to make your offer more attractive,” says Leffler. “Reducing the number of contingencies you have is the first step, we’ve seen many buyers abandon most or all of them in 2021. Consider a very high or non-refundable deposit, which sends a serious message, [though you should] make sure you are prepared to go that far.
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7. Cash is king.
If you can do this, cash offers or increasing the amount of cash you pay up front are ideal.
“While the majority of us need to get a mortgage, explore ways to write a cash offer or offer more cash. There are many avenues, retirement accounts, relatives, investments that could provide the cash to make a cash offer even if it’s not your first preference,” says Leffler. “Offering the ability to buy cash even if one gets a mortgage is what the offer says could be an attractive quality in your package.”
“Be sure to accurately provide your capabilities in your offer,” adds Leffler. “Dishonesty is a surefire way to quickly disqualify you or get kicked out of a trade.”