Unless you’ve been living under a rock, it’s no secret that the housing market (especially in North Texas) is a seller’s market right now, and home prices are only going up. Which is good for sellers, but bad for buyers.
Don’t despair! Many home buyers have successfully navigated their way though the seller’s market, and so can you. Here are a few tips to achieving your own success:
Cash Offer: Almost immediately after being listed, most quality homes have multiple offers. Putting an all-cash offer on the table will give you an advantage and make you stand out of the pack.
Stick to your budget: A seller’s market can be intimidating, especially if you find yourself in a bidding war. But, don’t let impatience get the best of you, and stick to your financial limitations. Biting off more than you can chew may “win” you the house, but it could cause major a major financial strain later on.
Keep an open mind: A single track mind can give you tunnel vision, and you could be missing out on some great deals. Try broadening your search to include other neighborhoods or surrounding cities. A new construction and foreclosure sales are also great options worth looking into.
Plan to wait: Several home buyers have homes to sell as well, and many find out the hard way that selling their home is a lot easier than finding a new one. Don’t find yourself in a situation where you rush into purchasing a home because you need a home. Do your research, and have a back-up plan for temporary residency. You don’t want to regret your purchase.
All blog information is of the opinion of the Loan Officer and is not supported by Fairway Independent Mortgage Corporation
