Spring market is HERE! What does that mean for you if you are buying homes for sale in Fredericksburg VA or Stafford VA? Watch Aaron’s summary of the Spring Market, then keep reading for tips on how to be a competitive buyer.
Get Preapproved. If we’ve said it once, we’ve said it a thousand times. This may seem like no big deal to you, but to a seller a preapproval letter shows you’re serious about buying a home. It also means that a lender has already examined your credit and other expenses, helped you determine how much mortgage you could afford, and given their underwriting guidelines. Submitting an offer to a seller with only a prequalification letter could sink your bid in a hurry, because prequalification only shows how much house you can afford based solely on your income. An experienced listing agent knows that a buyer with strong income may have other debts that make affording a mortgage a financial stretch a lender isn’t likely to approve. Submitting an offer with a preapproval shows you’re a serious buyer, ready and financially able to close the deal faster than a buyer without such an approval.
Drop the Baggage. Contingencies, such as having to sell your home before closing on another one, might turn off sellers. Although these can’t always be avoided, remember, there is very little inventory on the market today on a national scale. Every market is different, but a firm, clean offer tells the seller you’re serious and more likely to finish the deal with delay.
Move Fast. When houses are selling fast, you’ve got to be faster than rival buyers. Do as much research as you can ahead of time to hone in on exactly what you’re looking for. Once, you have an idea of neighborhoods you’re interested in, don’t just rely on general searches of listings sites like Trulia and Zillow. Ask your agent to put you on an email list so you’re notified as soon as houses hit the market.
Think Outside the Box. Most highly sought after communities have them – houses that don’t put their best face forward, whether that’s online or in person. Most buyers will avoid homes that don’t have all of the latest bells and whistles and upgrades. Try not to be that buyer. Purchasing a home that needs upgrades or investments may seem daunting, but could be worth it in the end. Not many people want to live through a home renovation, even a small one, but if you can focus on the finish line, a great home may be hiding in plain sight.
Make a Strong Offer. In a seller’s market, bidding wars are the norm. While there is always wiggle room in determining the sales price, be realistic. Offering more than 10 percent below the asking price is a quick way for the seller to turn down the offer. Work closely with your agent, determine what price would take you over the edge, and know whether or not you could have an appraisal issue. Many buyers before you have gone through this process, and your agent will help you make an educational, unemotional offer.
Buyers in hot markets find themselves in competitive situations because they not only want what everyone else wants, but also what’s in limited supply. While we can never predict what’s going to happen, if you put in the effort and surround yourself with a team that knows your needs, buying homes for sale in Fredericksburg VA is not far out of reach.