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It may be the case, like in Arizona recently, that some parts of the country’s hot housing market are cooling off a little. Yet in other parts of America, the heat is on and it can feel like an emotional rollercoaster if you’re a buyer right now!
A hot market is where homes are sold super-fast and so the sellers have the upper hand. The reason why sellers have the advantage in such a market is that house prices rise rapidly, meaning buyers want to get in there as fast as they can to seal a deal on a property.
If you are a worried buyer, have no fear! Here are five expert tips to prevent you from getting burned in a hot housing market. Let’s get to it!
1. Get Ready to Make Multiple Offers
When you’re in such a competitive housing market for buyers, don’t expect your first, second, or even third offer to go through. The key here is to not lose your nerve or get too emotional. Too many people get emotionally burned by hot housing market interactions, so just keep your cool and move on if you don’t get the property.
Another key thing is to have a plan and budget ready and clear to your mind.
2. Have Financing Ready to Go
Those who have their financing set up before they go in with any offers will have a distinct advantage over those who don’t. Sellers will look at you more favorably as there is more chance that the deal will go through with you.
If you can get mortgage approvals from a few different lenders, this will add extra clout to your position. And since the housing market is hot, cash is going to be king in any scenario!
3. Sweeten the Potential Deal
You can attract attention from sellers if you sweeten the deal in some ways for them. For instance, you could make available the ability to have a rent back agreement.
You could also set a closing timeline that suits the sellers. Escalation clauses might be tempting, but then you’re putting all your cards onto the table face up in one go!
4. Patience Is a Virtue in a Hot Housing Market
Buying a house in a hot market requires a lot of patience. Yes, you might strike it lucky in a short period, but don’t count on it.
It’s normal for buyers to search for homes for months these days in the hot areas. If you need some extra help with searching for real estate and local housing market predictions, we recommend The Talons Group.
Don’t Get Burned in a Hot Market
The truth is, the better your real estate agent, the easier it will be to navigate through a hot housing market and find your prize. Invest in the professionals and they may just land you the home you always wanted.
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