It’s no secret that the housing market in Central Ohio is booming. The Columbus Dispatch recently published an article that said that it’s a record breaking year with sellers seeing higher list prices and faster sales. It’s a competitive market and a good one to be in if you’re a seller, but if you’re a buyer it can create a few challenges. More people are finding themselves in bidding wars or having houses enter contract before they even get to see them.
So how do you stand a chance as a buyer in this market? Here are a few ways:
- Come prepared with a pre-approval letter. As I’ve said before, having a pre-approval letter shows that you’re a serious buyer and that you know that you can actually afford the home. Meet with a lender before you start your search to find out exactly how much you can afford to spend. Don’t waste your time or the seller’s time putting in an offer on a home that isn’t realistic for you.
- Make competitive offers. This is no longer a market where you can try to low-ball sellers. Right now, we’re in a market where multiple offers on homes is common, and I’ve had several homes this month go in contract within a few days. Make a serious and competitive offer on a home if you’re interested in it ,because you might only get one chance.
- Avoid contingencies. In a multiple offer situation, offers with contingencies are often moved to the bottom of the pile. Do what you can to get rid of them. If you have them and can’t do anything about them, then you should make your offer competitive in other ways.
- Make sure that you have the right real estate agent. In this market, you need an agent who is responsive to both you and other agents. Before you choose an agent, look for positive online reviews (especially ones that address response time) and meet with them to figure out how they prioritize their clients. You need an agent who can quickly write up a contract and expertly negotiate if necessary.
- Know what you’re looking for. This one is last but probably the most important. If you know what you’re looking for when you start your search, you’ll be able to quickly identify the home you want to make an offer on. Unfortunately, there isn’t a lot of time for buyers to wait and decide, so knowing what your home “must haves” are and exactly how much you’re willing to offer will help you walk through a home and write an offer on it the same day.
Being a competitive buyer is a must if you’re trying to purchase a home Central Ohio. Do everything you can to stand out as the best buyer possible.
If you don’t have an agent, but are looking to buy in the area, let me know. I’d love to help you find your dream home.