The New Rules for Buying a Home in Today's Market
In today’s hyper-competitive market, the old rules for buying a home don’t always apply. So what, exactly, are the new rules, and how can you leverage them to buy your dream home?
The rules you need to follow if you want to successfully buy a home in today’s market, include:
- Prepare for a marathon. Finding a home in today’s market is a marathon, not a sprint. Thanks to low inventory, you can’t go into your home search expecting to find and buy your dream home in a few weeks; instead, expect the process to take three to six months.
- Don’t lowball your offer. With so much competition in the market, lowball offers are quickly discarded. If you find a home you love, make sure you do everything you can to make your offer as competitive as possible, including offering at or above the asking price.
- Move fast. Again, the current real estate market is extremely competitive, and that means things move fast. Many homes are listed on a Friday, host an open house or two on the weekend, and then review offers on Monday. If you want to successfully purchase a home in today’s market, you need to be willing to move fast and, in many cases, make an offer immediately upon seeing a home.