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Though you would prefer to buy a home in a buyer’s market (when there are more houses available than buyers), sometimes you don’t have the option. You and your family might be relocating—or your lease is about to end on an apartment. These people may choose to put offers in to see if they can buy before opting into another year of renting.
Time & Preference
It isn’t unreasonable to expect dozens or more offers on a home in a seller’s market. When the market is that competitive, adjust your timeline. Don’t expect to have your first offer accepted—although nothing says that won’t happen. Just don’t rely on it.
Give yourself as much time as possible, start looking several months to a year before your lease ends. If and when you receive a rejected offer, it simply means you have the chance to look at different places.
What kind of home are you looking for? Adjust your preferences and figure out which things you are not willing to compromise on. Perhaps you refuse to look outside of a specific location, but you may be willing to take on a house with outdated bathrooms. If you find a home with both, then fantastic. But know which factors you aren’t ready to budge on. Find a home that meets those needs.
Get The Right Referral
Be diligent and choose a real estate agent that you connect with. Ask people you know who have recently bought houses. Ask for their recommendations. In cities like New York, real estate agents can have an intimate understanding of the neighborhoods they buy and sell in.
These people could be a significant advantage to you. They may know when houses are getting ready to go on the market before they do simply because of how well they know the people.
And they could have established reputations in the areas you are looking to buy. Real estate agents represent their clients, but there is a considerable amount of work that happens between them. Having someone who has a reputation for being reliable and honest can only help you. In a seller’s market, you are looking for every edge, no matter how small.
Should you find yourself in a position where you may have to go above the asking price, an excellent real estate agent may be able to advise you. Some real estate agents even have experience with appraisals. They can suggest how much to offer based on their understanding of the market and the value of the homes within it.
Tell Everyone
Tell your friends and family that you are looking to buy a house. They may know of someone selling. This is another extension of how powerful referrals can be. Some people prefer working with people they trust or are friends with someone they trust.
Drucker & Mattia PLLC
As challenging as buying a home in a hot market, you do not face it alone. Your real estate agent and an attorney will be the trusted professionals helping you until you close on your home. For your next real estate transaction, contact Drucker & Mattia PLLC to schedule your free initial consultation. We are a neighborhood law firm that is entirely bilingual, and we have decades of experience.
Drucker & Mattia PLLC
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