Insider Tips to Buying a Home in Today’s Market

Assess Your Financial Health

Before you fall in love with your dream home, make sure you’re in a position to purchase it. Take a look at your bank accounts along with your monthly spending, so you have a clear and realistic picture of your finances. This will also help you figure out how much you can afford to put toward a down payment. It’s also a good time to check your credit score. If you decide to buy with mortgage, it's important to meet with a mortgage consultant to get pre-approved, so sellers take you seriously and you’re in a better position to make a strong offer.

Tip: A pre-approval gives you more negotiating power because it tells the seller and real estate agent that your funding is in place and you are ready to buy.

Stay Flexible

Whether it’s time or money, be prepared to give a little more. For instance, there is competition on a house and you’ve been outbid, but you have the flexibility to give the seller the extra time they need to close and move out. That can make a huge difference and could even put you ahead in the competition. Showing the seller that you are willing to go the extra mile to purchase their home could earn your offer a second glance, especially if it helps make their life easier.

You Found the your Dream House

You found a home that meets all or most of your wish list, it’s within your price range and you’ve studied the neighborhood to make sure it’s right for you. Now’s the time to make an offer. Keep in mind that your opening offer should be based on two things: what you can afford and what you really believe the property is worth. Of course, there is always a possibility that there will be other offers, regardless of the time of year and the market, but try not to let that influence you to pay more than you should.