If you are looking to purchase a new home in today’s market be prepared to hit a few roadblocks. It’s tough competing for homes in a regular market; add a shortage of homes and it gets even harder and more frustrating.
Here are few things to know and consider that can help you keep your frustration level at a minimum.
- Pay in Cash. (also be able to prove your liquidity and cash on hand!)
- Get Pre-Approved from your lender.
- Eliminate Contingencies. This can include even inspections but not recommended.
- Include and Escalation Clause with your offer.
- Be flexible on your closing date.
- Increase your offer.
Paying in cash isn’t an option for most home shoppers, but it’s likely you’re going to have to guarantee a price that is above appraisal value. This is where having the extra cash to back it up will come in handy.
Keep in mind you’re going to be competing with buyers who will pay the difference in appraisal value and the selling price of the home.
This is where working with a realtor will come in very handy. Although we can’t appraise homes we can offer a market analysis of the home and it’s value relative to similar homes that are for sale and have sold within the last six months.
Call Jeff or Cindy today at 423-596-3649 or 423-596-0228 for more information.
We look forward to representing you during these tough home buying times!