The present housing market is more competitive than ever. An ever-increasing buyer pool continues to compete for a limited supply of available properties, resulting in an extremely fast market and high sale prices. So, how do you beat the competition and find a home that meets their criteria? Here are 7 tips to help prepare you for today’s fast-paced housing market.
- Take Your Time
Good things take time, and purchasing a home is probably the largest purchase of your lifetime. Although you might be fortunate and find your dream home right away, you should expect to be ready to spend several months looking for and closing on a property.
- Gain Financial Stability
Financial specialists recommend spending a maximum of 28% of your salary on housing. Nonetheless, this varies based on your situation and lifestyle.
Start by examining your debt-to-income ratio to see how much you can spend on your first property. This figure gauges your ability to pay your mortgage, and other housing costs based on your salary.
- Hire the Right Realtor
Hiring a realtor is a critical step in the home-buying process. Agents assist prospective homebuyers in all markets, but they are especially crucial in a competitive market like Edina real estate.
Remember, your realtor will be with you throughout the entire home-buying process. So, choose somebody experienced, familiar with the area, and one you can trust and are compatible with.
- Enjoy the Hunt
Decades ago, buyers had to sift through bulky listing books to locate homes that matched their location and price. Fortunately, you can now start your search from wherever you are through online sites and applications. After saving searches to your list, share your favorite neighborhoods and home styles with Edina MN real estate experts Cari Ann Carter Group.
- Establish Your Must-Haves
Unless you are an incredibly resolute person, you will fall in love with many of the houses you tour. Although narrowing down what locations, home styles, and features you like might seem hard, this is a good thing.
In the current housing market, having an open mind to different home options might be important. Work with your realtor to determine which house features are “pleasant to have” and which are necessary for your house.
- Begin Touring
Now that you have your “must-haves” listed, you should attend in-person home showings. When you find a house you like, be prepared to make a quick offer, compete in multiple offers, and possibly lose several deals before closing on one. You must have lots of patience, especially if your offer is low.
- Inquire about Pre-list Properties
If you work with a realtor, you can access a huge network of agents and the properties they represent. Thus, you can get a heads up on properties that you may love even before they are up for listing, increasing your options and offering an expanded search.
Find Your First Home!
Buying a home in Edina can be an exciting new chapter in your life. However, it is a time-consuming process, especially for first-time buyers. Fortunately, the Cari Ann Carter Group understands this market inside out. The realtors can guide you with anything, including the paperwork, and assist you in arranging your viewings until you get the keys to your new home. Call to get started today!