Across the country, we are seeing inventory levels that are below the demand of home buyers coming into the marketplace. Vermont is no different and if you’ve been shopping for a home there is a good chance you have been frustrated with homes selling before you can take a look or get beaten out my competing offers. Here are my top 3 tips for buying a home in a seller’s market.
- #1 Plan Ahead – A major event like buying a home doesn’t all happen overnight. Once you start thinking about the idea of buying a home, start the process of looking into financing and looking for a Realtor to work with at least 2 -3 months before you would like to make a purchase.
- #2 Get Pre-Approved – Many mortgage lenders offer a full pre-approval process that is superior to a traditional pre-qualification. With a pre-approval, the underwriting is done in advance and the tedious process of employment verification and document collection will be out of the way before you start shopping. This will give you full confidence that once you find your home, you can make a quick offer without any delay. You will also improve your negotiating ability since your bank will require less time to close and you may be able to remove contingencies that competing offers will need if they only have a pre-qualification.
- #3 Work Closely with a Realtor or Buyers Agent – The housing market is changing continuously. The house you see on Zillow in the morning may be under contract by the afternoon. Choose a qualified agent that will put a strategy in place to patrol the market and give you notice as soon as a potential property comes onto the market.
The thrill of the hunt is one of the things that I enjoy most about my job helping buyers land their new home. Planning ahead and getting all your “ducks in a row” is vital to buying a great property in this competitive market. If you are thinking about moving or have any questions please contact me and I’d love to talk Vermont Real Estate with you.