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Tips on Buying in a Tight Market

Increase your chances of getting your dream house instead of losing it to another buyer, with these easy steps.

Get prequalified for a mortgage.

• You’ll be able to make a firm commitment to buy and make your offer more desirable to the seller.

Stay in touch with your Realtor 

• Stay in close touch with your real estate agent to find out first about new listings that come on the market. 
• Be ready to go see a house as soon as it goes on the market.

Scout for yourself

• Look at Internet sites, newspaper ads, and drive by the neighborhood frequently. Maybe you’ll see a brand-new “for sale” sign before anyone else.

Be ready to make a decision

• Spend lots of time in advance deciding what you must have so you won’t be unsure when you have the chance to make an offer.

Bid competitively

• You may not want to start out offering the absolute highest price you can afford, but don’t try to go too low to get a deal. In a tight market, you’ll lose out.

Keep contingencies to a minimum

• Restrictions such as needing to sell your home before you move or wanting to delay the closing until a certain date can make your offer unappealing. 
• In a tight market, you’ll probably be able to sell your house rapidly. 
• Perhaps, talk to your lender about getting a bridge loan to cover both mortgages for a short period.

Don’t get caught in a buying frenzy

• Just because there’s competition doesn’t mean you should just buy anything. 
• Even though you want to make your offer attractive, don’t neglect inspections that help ensure that your house is sound.

Reprinted from REALTOR^® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS^® 

Copyright 2005.  All rights reserved.  www.REALTOR.org/realtormag

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