When a real estate market is hot, chances are, finding that perfect home will not come easy. You quite likely will find yourself in a multiple offer scenario, and potentially even a bidding war. To help you land that dream home amongst the many homes for sale in a competitive real estate market, try the following four steps to help you walk away a winner with your name attached to that dream home.
- Get your Finances Approved
The best thing you can do if you are entering into a hot real estate market on where the house you want to purchase is located, is get to a pre-approved mortgage loan. A competitive real estate market requires that you to act quickly. Chances are there will not be time to wait for financial approval once that dream home hits the MLS® market.
- Send a Letter
When you know you are a contender against multiple offers for your dream house, it is time to get personal. Send a handwritten letter to the Seller, conveying why you love their home, why it is your dream property, and why they should choose you over all other Buyers.
- Reward the Seller
Anything to sweeten the deal for the Seller will be a tick of approval in your favour! Things such as covering Seller’s costs, reducing their risk, or waiving home inspection negotiations can all work; if you are willing to make that choice.
- Bring your Cash
If the war gets real, and emotions run high, your pre-approved mortgage may not have the weight you had hoped for. Depending on who you are up against, certain bidders, such as investors, show up to the auction with cash in hand, and are not afraid to use this as extra leverage towards winning the Seller over. If it is an option for you to do the same, it may give you a competitive edge in making that home become a reality!
Most of all, when going into a competitive real estate market (and war!) make sure you know what you are getting yourself into. Do not let your emotions take over. It may be your dream home, but it is okay to walk away and look at other homes for sale!
Find yourself a REALTOR® with Experience
Get an experienced real estate agent who knows the ins and outs of dealing with a hot competitive housing market, one who can help you find a great home and advise you on how to make an offer when the timing is right! To find yourself such a REALTOR® checkout Locations North and Royal City Realty.