Tips for buying Real Estate in a tight market
When there are more buyers than properties available, the market gets tight. It can frustrate the buyer that has notions of being in a process where the buyer is in the driver’s seat. This is a great time to get into real estate on Marco Island, but there are some points that will make it easier.
Many buyers on Marco are cash buyers, but those relying on financing should get pre-approved. By getting pre-approved you’ll be able to make a firm commitment to buy. It makes your offer more desirable to a seller. Comparing a pre-approved buyer to one that has not gone through the process, the seller will chose the one that’s pre-approved if all other things are equal. Talk with your Realtor about the various lenders available in our market. They have a lot of creative plans available.
Stay in close touch with your Realtor to find out about new listings that come on the market. Then be ready to go see a home as soon as it goes on the market. If you’re serious about buying, then you don’t want to delay. Realtors on Marco Island belong to the Marco Multi-List, MLS service. They get daily reports on real estate market activity. That includes properties that come onto the market as well as those that are put under contract. But it’s still possible to miss a property. So if there is a particular neighborhood that you’re interested in, scout out the area. Additional sources to check are the newspapers and Web sites.
Be ready to make a decision. Spend a lot of time in advance deciding what you must have so you won’t be unsure when you have the chance to make an offer. There are instances in this market where a buyer looks at a home and wants to think about it. They call back a couple of days later dismayed to hear the home they finally decided on is no longer available.
Bid competitively. You may not want to start out offering the absolute highest price you can offer, but don’t try to go too low to get a deal. In a tight market, you’ll lose out. Unless a seller specifically tells their Realtor not to present certain offers, all offers are required to be presented to sellers. It’s a part of the code of ethics that Realtors uphold. In this market there can be multiple offers made on a specific property. This is when your Realtor’s experience will be crucial to your success.
Keep contingencies to a minimum. Restrictions such as needing to sell your home up north before you move or wanting to delay the closing until a certain date can make your offer unappealing. In a tight market, you’ll probably be able to sell your other home rapidly. One possibility is talking to your lender about getting a bridge loan to cover both mortgages for a short period.
Don’t get caught in a buying frenzy. Just because there’s competition doesn’t mean you should just buy anything. And even though you want to make your offer attractive, don’t neglect inspections that help ensure that the house is sound.
Once you have put your property under contract, your real estate agent will make sure the many factors that go into completing a sale will be handled smoothly.
Call if you need assistance with your buying decisions.