What’s that you ask? There’s such a thing as home buying competition?
There sure is and the competition is heating up here in the Triangle. With our home inventory at the lowest it has been in the past decade, there is an undercurrent of urgency developing for home buyers.
Here’s a real life scenario: A couple were out with their Realtor® over the week-end. Let’s call them Jane & Bill. They found a home that they both just fell in love with. It’s perfect. It has the rooms they both need, and that extra bonus.
But they wanted to sleep on it, and perhaps see what else is out there…
OOPS – that was a huge mistake… here’s the rest of the story: There was another couple also falling in love with their perfect house. And that other couple didn’t wait. They were savvy buyers and they got their offer in immediately. So guess what happened once Bill & Jane realized there wasn’t anything better than that house? When they finally decided to put in an offer here’s what they heard; Sorry that home is already under contract.
Ouch! We are out of the luxury of ‘sleeping on it’. As the real estate markets across the country start to make their way out of a sleepy slump, buyers really do have to make and stick to a buying plan.
Here’s what you need to do.
- Use the internet – let your fingers do the walking and preview homes online. You will get the feel of what is available in your price range and location. So when you are out previewing homes, you’ll know when you’ve found your perfect home
- Be realistic ~ and not idealistic when looking at homes
- Meet with your lender and get your pre-approval up front
- Start doing your due diligence and gather information about the area you’re looking in
- Be pro-active. Let your agent advise the sellers/seller’s agent that you are interested in their home. This is no time to play coy.
If it’s really a home you love; write that offer immediately – don’t wait!
It won’t take you long to learn that your competition in buying a home is other buyers. We really hate to see people loose out on getting their dream home just because they weren’t prepared. Don’t let that happen to you!
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