Buyer Tips for a HOT Real Estate Market

Posted by on June 15, 2016 in Buying, Market | 0 comments

Buyer Tips for a HOT Real Estate Market
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runners at start line

Buyer Tips for a HOT Real Estate Market

So, you live in a city like Nashville, TN. You want to buy a house, condo, or townhome and it seems everyone else does too. Buyers in markets like this can get frustrated, disheartened and even give up on their dream of home ownership. There is no foolproof way to make sure you win, however, there are some things that can significantly help your chances of getting that house you “have to have”.

 

  • Get pre-approved or have cash ready. Don’t wait until you have seen 5 houses and are ready to make an offer. Talk to a lender before you go see any houses in person. You do not – and your agent does not – want to get attached to a house, put an offer in, and lose out to another Buyer who already has their financing in order. There is also a difference between pre-qualification and pre-approved – make sure it is a pre-approval. It takes time to gather all the documentation needed for a pre-approval and it will take some time for the lender to review, ask questions, and get you a pre-approval letter. If you are paying cash, make sure it is all in accounts that are easily accessible and that you have statements or a letter from the bank to show you have the funds available. You put yourself at a great disadvantage if you do not send a pre-approval letter or proof of funds letter with your offer. Be prepared!
  • Be ready. As soon as you see a house online or in a neighborhood that you like, contact your Realtor. They will need to set an appointment with the Seller – most markets don’t allow “walk-ins”. They will need to coordinate your schedule, their schedule, the Seller’s schedule and sometimes the Listing Agent’s schedule so this can take some time. If you have to wait for the whole family to come or only for the weekends to see property, it may very well be gone. You may have to trust one person to be the decision maker based on the criteria you have set.
  • Be decisive. In a fast paced market, you won’t have the luxury of “sleeping on it”. I have seen far too many times, a house will be on the market for a period of time with no activity and then all of a sudden, multiple people want it. I read a quote recently that said, “The house you looked at today and wanted to think about until tomorrow may be the same house someone looked at yesterday and will buy today.” You have to act quickly. A good idea is to sit down with your agent before you go look and make a comprehensive list of wants and needs. If you find a property that you like and it checks the boxes on your list – there is no need to wait! Again, the more prepared you are on the front end, the more comfortable you will feel knowing that you have made a good decision.

 

As a side note: If you don’t have your finances in order, if you are not prepared, if you are not decisive, or you do not act quickly enough, you may not get the property you are dreaming of. I am thinking of another quote here, “A lack of planning on your part does not constitute an emergency on mine.” If you are one of those unfortunate Buyers to get frustrated with the process in a hot market, make sure you are doing everything you can to get a leg up. Be reasonable with your expectations of others and other’s time. Most people want to help you. They want to help you buy a property. Look at the big picture and try to stay calm.

 

Photo courtesy of ddpavumba via freedigitalphotos.net

About Michelle Froedge
Michelle Froedge is a residential Realtor and Principal Broker in the Greater Nashville and Williamson County areas of Tennessee. Wife to Robert, “Mom” to Tyler and Livvie, Auntie to Zelamie, she is a vegetarian and sings in her spare time. Michelle has lived in Nashville and Franklin since 1997 and has been selling homes since 2004.

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