How to Rise Above the Homebuying Competition

by Judy White 11/03/2019

Let's face it – there is no shortage of buyers competing for the top residences. However, there are many things you can do to rise above the homebuying competition, and these include:

1. Review the Local Housing Market

The housing market fluctuates. In some instances, the housing market may favor buyers. Or, in other cases, it may favor sellers.

If you analyze the local housing market closely, you can differentiate a buyer's market from a seller's market. You then can map out your homebuying journey accordingly.

To distinguish a buyer's market from a seller's market, you may want to look at available houses in your city or town. If homes are selling just days after they become available, a seller's market may be in place. Comparatively, if houses linger on the real estate market for an extended period of time, the real estate sector likely favors buyers.

2. Get Pre-Approved for a Mortgage

With pre-approval for a mortgage, you will know how much you can spend on a house. Then, you can narrow your house search to residences that fall within your price range.

To get pre-approved for a mortgage, you should meet with a variety of lenders. These financial institutions can teach you about many mortgage options and help you choose home financing that suits you perfectly.

Of course, selecting a mortgage can be difficult, regardless of whether you are a first-time or experienced homebuyer. But if you ask mortgage questions and perform a comprehensive home financing analysis, you can choose the right mortgage without delay.

3. Establish Homebuying Criteria

Homebuying criteria is a must, particularly for those who want to seamlessly navigate the property buying journey. Because if you enter the real estate market with homebuying criteria in hand, you can speed up the process of finding your dream residence.

As you craft homebuying criteria, you should try to define your dream house. Think about the features you want to find in a home. You next can include these features as "must-haves" on your list of homebuying criteria.

In addition, consider where you want to reside. If you hone your house search to residences in a select group of cities and towns, you may be able to quickly discover a great home that you can enjoy for years to come.

For those who require extra help during the homebuying journey, you may want to hire a real estate agent, too. In fact, with a real estate agent at your side, you can receive in-depth assistance as you pursue your ideal house.

A real estate agent understands what it takes to navigate any housing market, at any time. He or she will help you search for residences that match your expectations. Plus, if you have any homebuying concerns, a real estate agent will address them right away.

Gain a competitive advantage over rival homebuyers – use the aforementioned tips, and you accelerate the process of finding and purchasing your dream residence.

About the Author
Author

Judy White

JUDY! JUDY! JUDY!

I am known for "out of the box" approaches, offering clients a unique experience packed with high energy service. A background in design, marketing and public relations has been a critical foundation for my success in real estate. Extremely knowledgeable in the fluctuations of the Denver metro front range market. I pride myself in offering my clients an enjoyable, professional real estate experience, unlike any other. I realize that the opportunity is not about me, but about my clients. In a world of talkers, my best attribute, far and away, is as a listener, then digesting what the client wants/needs, and then providing the best realistic solution. No sugar coating, just the facts, then the results. I am able to assimilate what I hear into a cogent, effective marketing program. I fully understand the beauty of uniqueness and I am prepared to market your "secret gem" or locate your "secret gem" to its fullest potential.

Whether a primary residence, or investment property, my knowledge of the market is a tremendous asset to making sound decisions, whether representing a Buyer, Seller, or both. I always follow statistics and market trends with a greater understanding of the market climate as well as buyer/seller behaviors, ultimately resulting in a successful transaction.

I also carry the following National Assn of Realtors Designations:

CRS--Certified Residential Specialist (top 4% nationwide Realtors)

REBAC--Member in good standing, Real Estate Buyers Agency Council

GRI--Graduate Realty Institute

SRES--Senior Real Estate Specialist

5280 Magazine Five Star Real Estate Agent--6 years in a row