In the current home market, there are fewer homes to choose from, each costs more than in the recent past, and interest rates are high. So how can you be a smart home buyer and make the best decision in this market?
What to do to be a smart home buyer in today’s home-buying market:
- Plan ahead by getting pre-approved for your mortgage. Then you’ll know what size house you can afford, and you’ll be a more attractive buyer.
- Try to be open-minded about exploring neighborhoods you weren’t considering. Your realtor can be very helpful here, suggesting places that are similar to the ones you are already familiar with.
- Be more flexible in regards to what kind of house will work for you and your family. Go into the process planning for options, because the fact is many different houses could work for you. Don’t fall in love with just one.
- Let your real estate agent help you with flexible things like contingencies. These can make you a more attractive buyer than someone else who might be rigid on what they will or will not accept.
- Give yourself more room to negotiate price by staying at the lower end of your affordability. When there are more buyers than houses, you will likely need to offer a price over asking.
Plan ahead, plan for contingencies, and plan to make changes to your plan if need be.