Getting your dream house in a seller’s market

Getting your dream house in a seller’s market - The Tuttle Group

It’s no secret that the DFW area is experiencing a major seller’s market right now. According to a recent Dallas Morning News article, Dallas-Fort Worth home prices are significantly overvalued, and the home price growth may even continue into 2016.
So if you are looking at buying a home in the near future, you will be looking at some tough competition. Below are some tips for securing your dream home when it comes time to make an offer:

Make sure you are ready to buy when you start browsing: If you aren’t ready to buy, don’t browse in a seller’s market. Doing so can be dangerous. You could be setting yourself up for heartbreak if you start to browse and then fall in love with a house. The odds of the house still being available when you are ready to buy are slim, and you also don’t want to make a hasty purchase decision when you are not financially ready to make the buy.
Get a professional on your side: You need an experienced agent who understands the market where you want to buy, and knows your needs, wants, and budget. Having an agent that is pro-active and quick can mean you are the first potential buyer to view a house that just went on the market, and can mean you are the first buyer to submit an offer.
Get your financial ducks in a row: Cash offers are the best types of offers. Usually if there are multiple offers on the table, sellers will take the one that is an all-cash offer. But if an-all cash offer is not an option for you, you need to find a way to assure the sellers that your financing is secure. You can do this be working with a well-known and reliable lender.
Also, offering a higher deposit or earnest money can really make a statement. It shows that you are truly interested in the house, and that you are set on buying.
Keep an open mind: Don’t limit your options by only looking at move-in-ready homes. You could be overlooking a diamond in the ruff that just needs a little TLC. Pay attention to the neighborhood, floor plan, and overall location, and see the potential the house has.
Write a personal letter to the homeowner with your offer: In situations where multiple identical offers are on the table, a personal letter to the homeowner can be what sets your offer apart.

All blog information is of the opinion of the Loan Officer and is not supported by Fairway Independent Mortgage Corporation

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