5 Tips to Buying a Home in a Hot Housing Market

tips to buying a home in a hot housing market
Share this:

Buying a home, especially your first, can be overwhelming, especially when in a hot housing market. As the Pacific Northwest market heats up, here are 5 tips to buying a home in a hot housing market.

5 Tips to Buying a Home in a Hot Housing Market

Get pre-qualified

Getting pre-qualified is one of the top tips to buying a home in a hot housing market. When you get pre-qualified, your lender takes a look at your financial situation using your income, assets, and debts. Your lender will then perform a credit evaluation, giving a ballpark estimate of how much money you may be able to borrow. Getting pre-qualified early helps set you apart from the rest for the competition as it makes your home search intentional. You aren’t going to be wasting a ton of time looking for homes that are outside of your loan limit. Additionally, when a home seller sees you are already pre-qualified, it can put you above your competition since it means you are a serious buyer and can complete the closing process faster.

Note your favorite neighborhoods

By having an idea of where you want to live before attending open house after open house, it can help narrow your search. Figure out things like commute times to and from the neighborhood, school districts, and proximity to your frequently visited places. It’s important to note that in a hot market, you may not get to be as picky as you’d like, so make note of what you’re willing to compromise for the location.

Make competitive offers

As much as you might think low ball offers will help you in the long run, in a hot housing market there is really not much time for low ball offers. You must put your best offer up first, and eliminate as many contingencies that may make a seller toss your offer to the side. There are likely many people wanting the same home, so if you low ball it, you might be out of the running from the get-go.

Work with an agent

It’s best to have a strong team when house hunting in a hot housing market. There are so many perks to working with an agent, but one of the main advantages is that they may find out about listings before they even hit the market. Having a professional in your corner when homes come and go quickly is a must.

Be available

Being available is one of the top tips to buying a home in a hot housing market. You have to be able to attend an open house at a moment’s notice. If you wait too long, the home could have a few offers on the table by the time you get around to walking through.

You may also like: The Advantages of Buying a Home Vs. Renting

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply