What First-time Buyers Do to Win in a Pandemic Housing Market
The pandemic brought about numerous challenges to buyers who want to make their first home purchase. There’s the fear of contracting the virus when applying for a mortgage, talking to sellers, checking the house, and working with mortgage professionals. Many can’t travel due to travel restrictions, making it quite impossible to see the properties for sale in person. Then there go the competitive buyers who are trying to out win first-time investors when making an offer.
Today’s housing market is more competitive than ever. There are more buyers interested in investing in properties than real estate listed being sold in the market. This made buyers rethink their strategies to ensure they get to convince the sellers to choose them as the next owner of their homes.
Many buyers are turning to strategies that are helping them win houses for sale. But then, not all of their practices are reaping great results. Just because they managed to win the seller over already meant they are doing everything right.
If you want to outsmart other buyers when making an offer, know that there are strategies you can consider. Making a fair offer is no longer enough. Here’s what buyers are doing to win during the pandemic
Skip Home Inspections
Many buyers would skip home inspection simply because they are not required to have the house inspected in the first place. They think this is only an added expense since they already did check the house themselves. So, they choose to gamble and not invest in a home inspection.
During the crisis, many buyers are house-hunting without having the chance to see the property in person. Despite only seeing the house on virtual tours, they choose not to push through with a home inspection. This is an attempt to make a quick offer that some sellers are quick to accept.
Get Approved Before Starting the Search
Rarely do buyers these days make a home purchase in cash; even the rich are investing in a house with the help of a mortgage. This is since a mortgage creates a home purchase more affordable.
Since many people are interested in buying houses during the crisis, some are making the right choice by getting a preapproval before house-hunting. They know how important it is to find a reliable lender to approve their mortgage. They are doing this early to assess their budget and have a competitive edge when making an offer.
Make the Biggest Offer
Most homeowners are naturally drawn to buyers who can give the best offer. They prefer people willing to pay for their home at the highest price to get the most out of the sale. But still, some would reconsider a smaller offer if it meets their best interests.
One must be cautious before throwing in more cash to buy a house. It is not practical to buy a property for more than its actual market value. You could be buying your first home, but you should still consider the resale value in the future.
Drop the Contingencies
There are many requirements involved before a sale is completed. These are what you call contingencies. Dropping some contingencies can help make your offer stand out.
For example, there are necessary home maintenance tasks due. Dropping contingencies in the home sale can help make the buyer choose your offer instead. The same goes with agreeing to pay more if the agreed-upon purchase price is less than the property’s actual market resale value.
Work With a Realtor
With the housing marketing being competitive, working with a local realtor can help you realize your home buying goals. This goes beyond finding a house that fits your needs. These days, simply opening your notifications for the latest listing won’t be enough.
Working with realtors helps you find houses for sale that matches your requirements. It does not matter where your ideal location is or how much space you want for your home. They can help simplify your house hunting and make it easier for you to find your ideal home.
Realtors have access to the latest property listings. This is since they receive multiple listing services (MLS) listing many times each day. Being able to choose from the latest houses for sale and be among the firsts to make an offer can increase your chances of winning the war.
Now that buyers are becoming more competitive than ever, it pays to step up your game so you can finally buy your first home during the crisis. Choose your home buying strategies wisely, and you can get the most out of your first pandemic home buying experience.
Provided by 9 Reasons Buying a House Will Be 100% Worth It