26 Jun Holly Walther Lending Team: Tips for Buying In a Tight Market – Fun Fact Friday
Holly: Hey guys, happy Friday. It’s Holly and my little fill-in Daisy, and we are here with this week’s fun fact Friday. So this week we want to talk about tips for buying in what we call a tight market. It’s no surprise to any of us that we are currently in a seller’s market. There is a shortage of inventory. There are a lot of buyers out there that need homes and it’s making it pretty chaotic out there. So I know a lot of people when they call in, they’re already down in the dumps before we even get the application started, because perception is reality. And there’s so much out there in the news and media right now that are telling them they’re going to have to pay a hundred thousand more than the sales price. You know, they’re going to have to do no due diligence and all these crazy things. And while some of that is indeed happening, it doesn’t always have to be the case.
So what are some quick tips for first-time home buyers or any buyer out there looking to buy in this tight market? Number one, don’t delay. Call us. We need to get your finances in order. You need to know exactly what you can qualify for. What does that look like? We need all your paperwork, and we need to get that file underwritten and approved. Number two, you need an experienced, committed full-time real estate agent in your corner. You need somebody that understands the demands of this market, that’s willing to go above and beyond to get you in those homes first, that has a sphere of influence within their peers, that has a great reputation. You need an experienced professional on your side. Not only in your agent, but also your financial team.
Number three, what are your priorities? Now we all have a great wishlist of everything we want, but in this market, if you’re serious about buying, what are your true priorities? What are your ‘hell nos’ and what are your ‘hell yesses’? Have a list, know what you’re willing to give up and what you’re going to draw a line in the sand on because you have to have it. Number four, review those priorities from time to time. You know, I understand if you want your children in a specific school district, but do you necessarily have to have that finished basement too? Or does that kitchen have to be fully renovated already? Maybe you go ahead and get the house with the older kitchen in the school district. And then you just accept that over the next six months, you may have to do a kitchen remodel. So re-review those priorities, depending on your timeline.
And number five, research any expired listings. You know, a lot of time in this market, if a listing has expired, there’s a reason. Maybe it was overpriced. Maybe it was older. Maybe it needed me totally renovated and remodeled. So pull those with your agent, and review them from time to time. They’re your professional. They’re going to guide you. And see what type of insight you can get, because those may still be great properties that you’re not considering just because they sat the market a little longer in the current environment that we’re in.
Last but not least, if there’s a particular neighborhood that you have to be in, talk to your agent about maybe sending letters or going door to door. It’s highly likely that there are people in that neighborhood that may want to sell, that they have the same fears as you. So keep all of that in mind. Don’t get discouraged. We want to wish you and your family a very happy 4th of July weekend. May you be safe. May you celebrate life big over this weekend and enjoy it to its fullest. We’ll see you next week, and talk to you soon.