Tips and Tricks: How to Confidently Buy a Home This Summer
Posted by : Admin
Are you thinking about buying a home this summer? You probably have a lot of questions. How is the Covid-19 pandemic impacting the housing market? Is it a good time to buy a house in 2020? Can I afford what I want? Who can help me get the house that’s best for me?
At MIG, we’ve helps thousands of people get into their dream homes, and we’re here to share what we’ve learned from all that experience. Here are the best tips and tricks to confidently buy a home this summer.
Inventory Is Sparse
Everyone realizes that the summer of 2020 is a unique time to purchase a home. In past summer months, homes for sale flooded the market and buyers had their pick of several attractive options. Realtor.com recently reported a drop in new listings so far this summer, and this unusual trend is expected to continue.
Action plan:
- Know what you want. If you want to be a new homeowner by Labor Day, now’s the time to set a short list of four to six “must-haves” – and only view homes that offer most of those features.
- Be decisive. Knowing what you want will help you move fast if you find it. With homes going under contract in literally a few hours, there probably won’t be time for you to “think it over” for a night or a weekend. Be prepared to make an offer on the spot if you find a home you want to purchase.
- Work it like it’s your job. Be prepared for the homebuying process to demand more of a commitment than in previous years. Sign up for automatic real estate updates and be ready to view a house that fits your criteria at a moment’s notice. Waiting to tour homes on the weekend will most likely leave you empty-handed.
Be Prepared for Competition
Despite the COVID-19 pandemic, summer of 2020 is shaping up to be a seller’s market. Prices continue rising, and there’s more demand. This means you may be vying against several other hopeful buyers for a home. Arm yourself to go to battle to edge them out of the running.
Action plan:
- Get pre-approved. Sellers are more likely to choose a buyer who has guaranteed financing. Meet with a local loan officer and get pre-approved before you begin your purchasing journey.
- Keep requirements to a minimum. Requesting that sellers make several improvements to the property may just push them toward a less-demanding buyer. Be willing to handle the improvements you want if you possibly can.
- Write a compelling offer. Offers can make or break deals. Include a sizable chunk of earnest money to show the buyer you’re serious. Pen a personal offer letter explaining why the house appeals to you and how happy it would make you to live there. Sometimes, if all other things are equal, an earnest offer letter will sway the seller your way.
Line Up a Strong Team
Embarking down the path to homebuying shouldn’t be done by yourself. Turn to the professionals for guidance in making the best decisions. Make sure these three rock stars are on your side.
Action plan:
- Hire a savvy real estate agent. Trying to navigate homebuying on your own is full of pitfalls. A professional real estate agent who knows the neighborhood you want to buy into, the demand, and the type of home you can get for the money is key to making 2020 a good time to buy.
- Work with an experienced loan officer. A loan officer is the person in charge of making sure the money you need to buy your home is available. No money, no house. While there are many online ways to get approved, choose a local company that understands your preferred market and your unique needs.
- Secure a trustworthy home inspector. It’s always smart to understand exactly what you’re getting for your money. A home inspector can shed light on problems that may be hidden by a pretty exterior. Electrical, foundation and other costly problems need to be brought to your attention BEFORE closing.
Buying a home this summer has lots of advantages despite the curveballs that 2020 is throwing your way. Simply remain proactive and commit wholeheartedly to the purchasing process, and you’ll be in your dream home before the change of season.
