Aug. 3, 2020
If you have been paying attention to the real estate market, you’ve seen that there’s a nationwide shortage of homes! This extends to Vermont as well. The combination of COVID – which has led more and more people to escape their cramped apartments in favor of larger homes – with the all-time low-interest rates – hovering around 3-4% - has skyrocketed the overall housing demand and led to some fierce buyer competition! But what does that mean for you as a home buyer?
It means that whether you're a first-time buyer or you've purchased a home in the past, you need our tips on being a competitive buyer in a fast-paced market! These tips have helped many of our buyers stand out amongst the competition, win bidding wars, and ultimately move into the homes they love! Check out some of our quick tips below or see all the tricks by downloading our full guide here.
how to position yourself as a competitive buyer :
1. get preapproved
This should always be one of your first steps before looking at homes, but especially in hot market, getting preapproved before you start looking is so important! Most listing agents and sellers will not even consider an offer if it is not accompanied by a preapproval letter.
2. Find a good realtor
Having a great real estate agent guiding you through the process is essential to having a successful home buying experience no matter what the current market conditions. However, when competing against other buyers in multiple offer situations, most buyers are lost when it comes to how to craft an offer that will win them the deal. Our agents not only know the market but we also have experience successfully negotiating contracts in these high stakes situations. We will give you the knowledge and strategies you need to present a competitive offer and get you into the home you've been dreaming of!
3. Be ready to act quickly
In a hot market, you do not always have the luxury of time. When homes hit the market they tend to go under contract quickly, so you need to have an agent that stays up to date with the latest listings and will get you in quickly so you don't end up missing out. When you do find the home that is right for you, you need to be able to make prompt decisions and be prepared to submit your offer right away or the home may be gone before you know it!
For the rest of our winning tips on buying in a competitive market, download our complete guide.
We tell you all about how to appeal to the seller and what terms you can improve to make your offer stand out from the crowd.