How Buyers Can Still Win in Today’s Hot Market
Here’s how you can still find the home of your dreams.
I’ve been in the real estate business for almost 30 years, so I’ve seen nearly everything the market is able to throw at us. Still, I don’t think any of us have ever been in a market as hot as the one we’re in now.
Normally, we have about four to six months of inventory in Houston. Currently, though, we’re at an all-time low—in fact, some areas have fewer than two weeks of inventory right now. Regardless of where you are, there are few homes available to choose from.
If you’re trying to buy a home in this market, there are a few things you need to know. First, you need to be as prepared as possible. Don’t go out looking until you’ve gotten pre-approved; during the pre-approval process, make sure you give your lender everything they ask for. This way, you’ll be able to make a home offer and your lender can immediately start writing the loan. The only thing you’ll need to provide is the subject property, which will put your offer in a stronger position.
Depending on your price point and where you’re looking, however, you may need cash on hand. Many listings are seeing multiple offers, and low bids will not be able to win. It’s an amazing time to buy due to low interest rates, which is why so many buyers are competing. To win, you’ll need to go to showings and be prepared to make a quick, early offer.
You’ll also need to think of ways to stand out from the competition. You can do this by presenting something that catches the seller’s eye, such as fewer terms or conditions. Additionally, you’ll need to write an offer that’s over the listing price—other buyers are likely to have placed higher offers, and you want to compete.
If you need an agent at your side when looking for homes, or if you have any questions about real estate, feel free to reach out to me. I look forward to hearing from you soon.