RED BANK, NJ: The real estate market is hot… meaning the demand is high, inventory is scarce and interest rates are at historical lows.
It can be a tough market for buyers, so with my almost thirty years as a realtor, here’s some expert advice for buying a home in a hot market
There are several factors that will place you ahead of the crowd, especially if you get into a bidding situation. To take a turn on the real estate saying, to be a successful home buyer, it’s “Preparation, Preparation, “Preparation!”
1. Prior to your search for a home, getting a mortgage pre-qualification is a must.
Even better, is a pre-approval. You will provide your lender with all the financial documentation they need in order to ensure that you qualify for a loan, and for the amount you have requested. Submitting a pre-approval letter lets the home seller know you’re a serious buyer
2. Knowing as much as possible before you submit an offer and working with a qualified real estate is critical. Your agent will ask seller’s agent essential questions such as what kind of activity there has been on the home. This let’s you know that there may be multiple offers on the home. You do not want to make a low-ball offer on a hot-home priced right. Your real estate agent will guide you through making the best decisions for your offer
3. In a seller’s market, focus on your needs, not your wants. Create a checklist of your needs, with the understanding that you may have to compromise on the location, amenities, or condition of the home. When a new home comes on the market and meets your needs, have your relator make the appointment to see the home as soon as possible
4. In a seller’s market, homes sell fast and this is not the time to make a low-ball offer. Offering full-price is probably likely, and in a bidding war, you may even need to go above the asking price. Stay Within Your budget!
5. In a seller’s market it will be difficult to win a bidding war, but that doesn’t mean you should settle. I spoke about compromising, but that doesn’t mean settling on a home you don’t like. Don't buy a house you don't love!
I’ve been a successful real estate agent with Heritage House Sotheby's International Realty in the two-river area for almost thirty years.
My career sales are over half a billion dollars and I attribute this not only to my expertise, but I love what I do. There’s no better feeling than to successfully find the right home for clients making their real estate dreams a reality.
If you’re looking to purchase or sell a home, please contact me directly at 732 – 766 – 3330, email: email@example.com, or visit my website.