3 Tips for Home Buyers to Follow in a Hot Real Estate Market
Simply put, low housing inventory and a massive movement of people heat the real estate market to a sizzle. Sellers know homes are at a premium. Buyers often need to scramble to acquire a home in the desired neighborhood, with the right size, price range, and features desired. Nowhere is this more evident than in the Northwest Houston market! If you are struggling in this scramble, here are three buying tips to help you make your next purchase.
Speedy Decision Making in a Hot Real Estate Market
A slow, measured approach to buying a home is not currently an option. At times, watching real estate listings is a little like watching popcorn. Often, houses are sold within a matter of days. If you are to enter this marketplace you will need to be well prepared.
- Know your desired location, schools, parks, and other preferences
- Know the style and size of your home, and the amenities you desire
- Have financing in place before you begin your search
These are portions of the decision-making process that take time. Doing your homework in advance will prepare you for quicker decision-making.
Be Transparent During a Hot Real Estate Market
Under normal circumstances, using a realtor to buy or sell a house yields the best results. In this market, a realtor might prove pivotal between success and frustration. For best results, be honest with your realtor and share the information behind the purchase plan.
- Don’t make the realtor guess—share honestly your expectations and wishes. Don’t be shy about likes or dislikes.
- Be prepared to compromise, but know what you cannot compromise on.
- Share deadlines honestly.
- Share enough financial information to steer the realtor in the right direction. It would be a shame for you to miss the opportunity on your desired listing because your realtor misunderstood your financial position.
These details will help your realtor find the best match for your need.
Cash Gets Glowing Reports in a Hot Real Estate Market!
It’s funny how this works.
- A cash offer makes a good impression on a seller. For most, a cash offer is not even an option. However, the median prices between differing housing markets can be astounding. Making a cash offer grabs the seller’s attention since the purchase can be made quicker than financing the purchase through a lender. Don’t expect a cash offer to advance a “low-ball” offer, but it will make a seller take notice. Your realtor will know how to leverage a cash offer in this fast-paced market.
- If a cash offer is not an option, be prepared to make the largest down payment possible. This will:
- Demonstrate a good financial position and
- Be appealing to the seller.
- Resulting in more favorable terms or a lower interest rate.
In reality, cash or credit spends the same. But a large down payment is very attractive and might be the most acceptable offer on the table in a Hot Real Estate Market.
Need Help Navigating the Home Buying Process in a Hot Real Estate Market?
With over 5 decades of experience in the Houston Housing Market, The Matthews Team is ready to help home buyers navigate the dos and don’ts of a Hot Real Estate Market. If you have any questions, give us a call at 281-440-7900 or send us an email. We’re happy to help!