If you have been trying to buy a home then you know the difficulties of the current markt if you are just now beginning your home search, let me prepare you for the challenges you are about to face. Keep in mind every area and price range has slightly different degrees of the following issues.
- Homes disappear fast. Most homes in My Market(Clarksville, Tn) are on the market in less than a week. Many of those just a day or two.
- Competing with Hghest and Best
- Staying persistent and keeping emotions in Check
1. Homes Disappear Fast!
Time is not on the Buyers side in this market with 48-24 or less hours being all the time you have from the property hitting the MLS to having an accepted offer. A few things you can do so that everything goes fast and smooth. First you must be pre-approved already to have any shot at all. Most sellers will not consider an offer packet without preapproval or proof of funds. Next, have your agent setup auto notifications so once a property goes active you are aware and can schedule a showing. If you are willing to do virtual tours this can allow you to see more properties at a faster rate of speed. Be sure you have an agent that is looking at the details you care about if going virtual. Many details cannot be seen on a 4×6 screen .
2. HIghest and Best
The norm for the current market is multiple offers or a Highest and Best. Typically not the best words for buyers to hear because at least one if not half a dozen or more buyers are going to walk away still looking for a home. Many of which made full price offers or better.
To Compete with the highest and best right now you need to be able to go over the asking price in most cases and often over appraisal as well. If you are unwilling to do so you may need to stay away from properties going highest and best.
To clarify some things going over the asking price is not too much more out of pocket. Once you go over appraisal though every penny of that over appraisal price is due at closing.
Other factors sellers may like to see:
NO Home Inspection (Not recommended)
Not contingent on the sale of a home
Stay with it!
Keep looking and remain calm. You will find a house that fits your needs but it may take longer than planned. Just make the best offers you feel comfortable with and continue to ask questions. You may find the right combination of a home, seller, timeline, and contingency that work great for everyone.