If there is anyone in your life in the process of buying a home right now, you probably know that it’s a tough market for buyers. Holistic Home Group has a few recommendations we encourage any potential home buyers to keep in mind as you move through this fast-paced “seller’s market.”
First and foremost, work with an experienced real estate broker and REALTOR®. Trusted, seasoned representation is critical to successfully navigating the home buying process under any market conditions. As discussed in our last column, there are far more people trying to buy homes than there are homes available for sale, and that means the pace of the whole process is drastically accelerated. Buyers working with an experienced realtor have a far greater chance of securing the home they want.
Any experienced REALTOR® will be aware of these tactics, but keep them in mind for yourself if you start your home buying journey in 2021:
Cash is king.
You should have as much money as possible saved for a down payment. This will allow you to put extra money down so you can demonstrate to the seller they will be protected if the appraisal comes in lower than the ultimate sale price and give you the upper hand with other buyers.
Be prepared to pay above list price.
Offer prices are escalating thousands above asking price. Your agent can and should run a market analysis to help you determine the winning offer price.
Secure strong financing terms.
Preapproval from a local, reputable bank that is fully underwritten goes a long way with seller confidence.
Reduce or remove contingencies.
While we do not recommend waiving inspections, know that there are buyers out there going this route. Consider a “pass/fail” inspection and shorten contingency timelines wherever possible.
Be ready to act fast.
Your Realtor will keep a close eye on new listings in your price range and feature parameters. Keep your schedule flexible so that you can be ready to tour a home within 24 hours of its arrival on the market.
Consider another county.
You may be able to find the home of your dreams a little more easily in Mason or Lewis County. If you can now work from home, you might already be considering this option.
Buying a home can be an emotional, exciting experience in any market. It’s never been more important to work with a REALTOR® you trust to have your best interests in mind, including your mental health.
If you have questions, reach out by email at KWoodford@kw.com or call me at 360-508-2800.
Kristy Woodford is CEO of Holistic Home Group, which is affiliated with Keller Williams South Sound. She has over ten years of experience as a broker of residential real estate in Thurston County and leads a team of agents experienced in serving local buyers and sellers.