Tips For Buying A Home In A Sellers Market

Dated: 12/06/2016

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Increase your chances of buying your dream home in El Cajon in this competitive housing market, and lower your chances of losing out to another home buyer.

1. Get prequalified for a mortgage. Be a stronger buyer. Getting pre-qualified for a loan will help you know more about your price range, and it will make your offer desirable to the seller.

2. Stay in touch with your real estate agent to get updates on new listings. Be ready to see a house as soon as it goes on the market — great homes get sold fast.

3. Search new listings yourself. Look at Web sites such as Elcajonhomesource.com, browse your local newspaper’s real estate section, and drive through the neighborhood to spot For Sale signs. If you see a home you like, write down the address and the name of the listing agent. Your real estate agent will let you know if it is still active for sale and schedule a showing.

4. Be ready to make a decision. Spend a lot of time in advance deciding what you must have in a home so you won’t be unsure when you decide to make an offer.

5. Bid competitively. You may not want to start out offering the highest price you can afford, but don’t go too low to get a deal. In a tight market sellers receive multiple offers on their home, you’ll lose out.

6. Keep contingencies to a minimum. Restrictions such as needing to sell your home before you move or wanting to delay the closing until a certain date can make your offer look weak to the seller. In a seller’s market, you’ll probably be able to sell your house rapidly. Or talk to your lender about getting a bridge loan to cover both mortgages for a short period.

7. Don’t get caught in a buying frenzy. Just because there’s competition doesn’t mean you should just buy it. And even though you want to make your offer attractive, don’t neglect important things such as inspections that help ensure your house is sound

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Fadi Matti

Fadi Matti is a full time real estate professional with the skills and experience to handle the most sensitive real estate matters. Whether you're buying or selling, his superior work ethic, coupled w....

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