3 Secrets for Home-Buying Success in Today’s Red-Hot Market
If you’re buying a home for sale in Tampa Bay, how can you be successful in a red-hot market? This guide explains.
3 Secrets for Home-Buying Success in Today’s Red-Hot Market
Check out these three tips to make your home-buying experience a positive one:
- Shop below your price range
- Lock in mortgage preapproval before you start house-hunting
- Act fast and make your best offer immediately
Here’s a closer look at each.
Secret #1 for Home-Buying Success: Shop Below Your Price Range
with many homes selling at or above asking price, it’s best if you begin house hunting below your price range. That way, you have some wiggle room if it comes down to a negotiation or a bidding war.
Besides, it’s better to shop for homes below your price range because you may end up saving a significant amount of money. Many people find that spending less than they can afford is the smartest route. If that’s your situation, you can take the money you save on monthly mortgage payments and turn it around by putting it into your home. Over time, you can make all the improvements you need to transform your space into exactly what you wanted in the first place.
Related: What to do if your appraisal comes back low
Secret #2 for Home-Buying Success: Lock in Mortgage Preapproval Before You Start House-Hunting
You should never start house hunting without mortgage preapproval. That’s because when you find a home you love, you need to act quickly. In fact, that’s Secret #3, but more on that later.
It pays to have mortgage preapproval for several reasons. First, most sellers won’t even entertain an offer that doesn’t come with a preapproval letter. That’s because they have no way of knowing whether someone will actually let you borrow the money to purchase their home.
Second, getting a pre-approval letter lets you know exactly how much house you can afford. There are few things worse than thinking you’ll be approved for a certain amount, shopping for homes in that price range, and later finding out – after you find your dream home, of course – that you don’t qualify to borrow that much money.
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Secret #3 for Home-Buying Success: Act Fast and Make Your Best Offer Immediately
When real estate markets are slow and sluggish, it’s OK to offer less than your best offer right out of the gate. However, many sellers are enjoying the luxury of having multiple offers within a matter of days of listing a home. That means they can pick and choose to find the offer that’s right for them. It’s in your best interest to make your best offer immediately; that way, you have a better shot at sellers considering you a valid competitor for the home. Remember, other people are putting forth their best offers, too.
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