It is no secret that buying a home can be a stressful experience, especially if you are buying in a seller’s market. This means the market is very competitive when looking for a resale home. As your local mortgage broker, I have made a list of five secrets to help relieve this stress and assist you when buying in a seller’s market.
1. Substantial Savings: The more money you have saved the more you can put towards your home’s down payment. This can help make you stand out when dealing with seller’s because it lets them know you are financially prepared to take on this commitment.
2. Patience: When trying to buy in a seller’s market, it is important to be patient. Do not let your emotions control your impulses because then you will end up spending more than you wanted. Getting impatient can cause you to go further into debt, so make a budget and stick to it. The right house in your appropriate price range will come around so do not fret. Set financial goals and stick to them so you are not paying more towards your mortgage.
3. Options: Keep your options open when shopping the market. If you are having no luck in a specific area then it might be best to start expanding your search. Fixating your search on one area will be harder for you to place an offer.
4. Back-Up Plan: If you are selling your house while also looking to buy a new one, then your current home might sell before this happens. This situation is common in a seller’s market, therefore, it is important to be prepared and have a backup plan. To avoid being homeless, make sure you find temporary housing to live in.
5. Seek Assistance: Don’t try to buy a home in a competitive market all by yourself. Seek assistance such as a real estate agent with years of experience. Using an agent who is familiar with the fast-paced market can provide special assistance to help you close on a home faster.
Finding out you want to buy a home in a seller’s market can be overwhelming but do not stress. As your local mortgage broker, I can assist you in helping you financially prepare for this new commitment. I would love to work with you and help make your dreams of homeownership come true. So don’t wait, call Gert Martens today at 780-933-0109 to get started.