Three Tips For Purchasing A Home In A Hot Real Estate Market
Posted on: 13 February 2018
If you're like many potential first-time homebuyers about to take the plunge into home ownership, you're a little concerned about making the wrong decision due to pressure to purchase due to a red hot real estate market -- and it's an extremely valid concern. After all, homes are selling within days of being listed in desirable parts of the country, and buyers need to be ready to pounce quickly in order to beat the competition. However, this could easily lead to making the wrong choice. Here's how to hedge your bets against getting stuck with a property that doesn't quite meet your individual needs and preferences.
Know Exactly What You Want
Having a comprehensive checklist of must-have amenities makes it easier to turn down those homes that don't make your personal cut. For instance, if proximity to good schools is an essential component of what you're seeking in a neighborhood, don't even look at homes that are situated in areas that don't meet that criteria -- this way, you won't be tempted to make an offer on a place that isn't quite right.
On the other hand, you should also have a list of amenities that you're willing to live without. If your ideal living situation would be in a neighborhood with mature trees lining the streets, ask yourself if you could live without that if all other conditions are met.
Get a Trusted Agent
Ask around in your desired community for recommendations for a real estate agent. Ideally, this person would have plenty of experience working with first time homebuyers as well as extensive knowledge of the local housing market. One of the benefits of working with local agents with a proven track record in the community is that they're more likely to have access to knowledge of off-market listings, which can give you a significant advantage in a hot real estate market. Also known as pocket listings, off-market listings are those that aren't advertised on the usual multiple listing sites.
Be Ready When the Right One Comes Along
It's also important to be ready to pounce when the right property comes along. In a hot real estate market, waiting even a couple of hours could potentially leave you out in the cold. This is why pinpointing exactly what you want, how much you can spend, and what you can live without is essential when navigating a thriving real estate market. Contact an agency, like RE/MAX QUALITY REALTY, for more help.
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