Tips for Buying a Home in a Competitive Housing Market

If you’re currently hoping to buy a house in our local market, we know you may be frustrated by how tight the local housing market is right now! We’ve put together some tips that will help you navigate this situation.

Get Pre-approved

In a competitive market, sellers often receive multiple offers, so it’s important to stand out from the crowd by getting pre-approval from a mortgage lender. During this process, you’ll find out how much house you can afford, which will also help you decide which houses to consider. And with your pre-approval letter, sellers will know your offer is solid!

Move Quickly

When you find the house you want, don’t wait! Put in an offer right away, or you might lose the house to another bidder. And make sure you know exactly what sort of house you want before you start to look. Sit down and make a list: how many bedrooms, bathrooms, what size of yard you’d like, what neighborhoods you prefer, which school district, etc. That way, you’ll know your dream home as soon as you see it!

Consider the Seller’s Needs

Is the seller relocating for a job and thus needs to close on the home as quickly as possible? Are they looking to get as much money out of the house as they can? Or maybe they’re searching for a family who will put as much love into their beautiful garden as they have. Whatever the case may be, if you demonstrate that you’re the perfect buyer, you’ll end up at the top of their list. Some prospective buyers even go so far as to write a letter to the seller, expressing how much they love the house and explaining how they are the perfect fit for it. 

Make a Bold Offer

In a competitive market, bargain-basement offers won’t go far. Be prepared to offer the full asking price—or even more. Otherwise, you may find yourself losing out in a bidding war.

Ready to dive in? Call the mortgage department at First National Bank of Sycamore today at 419-927-6693, and we’ll get your pre-approval process rolling.