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How to Not Lose the House You Want in Five Ways

How to Not Lose the House You Want in Five Ways

Do the last few days of warm weather have your mind swirling with sweet thoughts of spring? Yes, please! Of course, that also means the hot spring real estate market is within our reach. What can buyers do to prepare for a competitive market?

Well, much like Olympic athletes train to out-perform worldwide competitors, spring home buyers must be in the right mindset to outshine their competition. Here are five tips to prevent you from losing the house you want in a competitive market:

1. Don’t enter the race without preapproval. In a hot real estate market, you cannot even be considered a serious contender unless you bring a mortgage preapproval letter from your lender. Even in less-than-hot markets, most sellers expect buyers to come bearing proof they’ll be able to afford a home. So, before you even begin to search for a home that you simply cannot live without, gain that essential mortgage preapproval.

2. Plead your case. But, not the most convenient way. You don’t want to reach out to a seller via social media or even email. Instead, pour your heart and soul into a good, old-fashioned, handwritten letter. Yes, touch a seller’s heart by telling them a little bit about yourself and what you love about their home. Then, go into a few details about what memories you hope to make—you know, the ones they also made in the home. An emotional appeal is a great way to gain some ground on competitors in a hot real estate market.

3. Rid yourself of contingencies. This is not a reality for every home buyer, but if it is a possibility for you, do it in a hot real estate market. You should be aware of the fact that sellers want the easiest home transition possible. So, if you are trying to sell a home and purchase another one at that same time, know that could cause complication. If you have family members of friends to stay with if your home sells before you find another one, do so. If you’re able to carry two mortgages until you can sell your home, do so. If you can be flexible with a seller, do so. Working on their timeline could pay off when it comes to closing on the home you want.  

4. Work with an experienced real estate professional. It is difficult for most buyers to navigate any real estate market. This is particularly true when the market is full of eager buyers and sellers. So, it only makes sense that an experienced real estate professional can give you an edge. Why? They’ve been through the process. They can offer sound advice on how to make your offer the most competitive. Don’t go it alone if you want to come across as the most serious, most attractive buying offer on the table. Instead, contact a trusted real estate professional to guide you through the buying process.

5. Make an offer that cannot be refused. If no other tactics are working and you’re faced with a bidding war in a hot real estate market, the best thing you may be able to do is make the seller an offer they cannot refuse. If you’re in love with a home, determine what you’re able to afford and place an offer that coincides with that amount. While you don’t want to overextend yourself, in this instance, you do want to put your best offer on the table.

Ready to enter the competitive real estate market this spring? A trusted real estate professional with will guide you to making a competitive offer on a home before spring is here for good.