5 simple tips on how to find home In A Competitive Market

Here are five things you can do to make yourself a strong competitor in a tight homebuying market.

Get preapproved. Know the difference between prequalification and preapproval. A preapproval means that a lender has actually examined your credit and other expenses helped you determine how much mortgage you could afford given their underwriting guidelines.

Avoid the contingency contract. There is very little inventory on the market today on a national scale. Every market is different, but a firm, clean offer even in a less competitive market tells the seller you’re serious and more likely to finish the deal on time.

Make a strong net-price offer. There is always wiggle room in determining a sale price. However, offering more than 10 percent below the asking price is a quick way for the seller to turn down the offer. So come in strong yet reasonable!

Gather your best down payment. Present an offer with the highest down payment that you could reasonably manage. Sellers are more likely to accept an offer from a buyer with a larger down payment for a variety of reasons, including the belief that a buyer with a larger down payment is going to more smoothly qualify for a mortgage.

Look for diamonds in the rough. Every in-demand community has them – houses that don’t put their best face forward. Don’t be that buyer. Purchasing a home that needs upgrades or investments to bring it up to your standards may be worth investigating if the all-in cost can be managed. Not many people want to live through a home renovation, even a small one, but if you can look toward the finish line, a great home may be right in front of you.

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