Buying a house in a competitive seller’s market can be stressful, but with the right set of tools and a Realtor you can trust by your side, you’re sure to walk away with keys in hand. But, how do you stand out among other prospective buyers? I’ve got a few tricks up my sleeve to help you land the coveted home of your dreams. Before you step out onto the market as a buyer, be sure to have these tools in your arsenal.
Be Preapproved for a Mortgage
A preapproval letter from a mortgage lender allows the seller to know how much a buyer can borrow to put down on a house. Preapproval letters not only give sellers the confidence that the buyer will be able to back a deal and close on the house quickly, it also gives the buyer a heads up on what their price range will be as they search for a home.
Make Your Best Offer
Homes often sell for more than the listing price, especially if you’re buying in a seller’s market. Buyers, before you start looking for your dream home, identify your budget to better understand what you can and can’t afford on the market.
When it comes to buying a home, the early bird gets the worm. When you’ve found the right home for your family and budget, be prepared to make an offer quickly, or else risk losing out to another buyer. Time plays a huge role when it comes to closing on a home, and, in a competitive market, you don’t want to waste any of it – which is another reason to get preapproved before you begin your search.
When it comes to buying a house in a competitive seller’s market, it’s important to be familiar with strategies that can help you end up walking away a homeowner.
If you are interested in buying a home in Sarasota, give me a call at 941.225.1500. I’m happy to share my insight about neighborhoods and communities throughout the city and guide you through the homebuying process.