Finding a home in a hot market can be challenging: Supply is limited, and bidding wars are common with demand so high.
You may find yourself up against dozens of buyers, making it hard to snag the home — and at a price you can afford.
It’s important not to lose hope, though. Despite the competitive market, there are ways to find (and buy) your dream home.
Are you having trouble with your home search? These tips might help:
- Get preapproved for your mortgage. Having preapproval is critical in a highly active housing market. It could give you a leg up over other buyers, and it can help you gauge your budget more accurately.
- Expand your search area. Branching out a little often helps open up more inventory — and it may reduce your competition. If your lifestyle allows for it, you might even want to try looking in more rural areas.
- Change your ideal property type. Rather than only focusing on single-family homes, what about searching for townhouses, condos and duplexes too? If you choose the latter, you might be able to rent out the other half to help cover your mortgage.
- Shop under your budget. Looking for properties well under your maximum budget allows you to bid comfortably above list price and beat out other buyers — without risking your financial standing.
- Look into building or renovating. Maybe you’d like a new construction home instead of buying an existing house. Or, you can look to fixer-uppers and plan to renovate the home before moving. Just make sure you talk to your lender about loan options, as your choice may change what type of mortgage you need.
Do you need help on your home search? Get in touch today.