Categories: Tips for Buying a Home
Buyers, be ready! The St. Louis real estate market is heating up. In many price ranges, inventory is low and buyers are competing for homes. The National Association of Realtors suggests 6 ways to improve your chances of getting your dream house.
1. Get prequalified for a mortgage - you’ll be able to make a firm commitment to buy and your offer will be more desirable to the seller.
2. Stay in close contact with your real estate agent - Your agent is on the lookout for the newest listings that meet your criteria. Be ready to see a house as soon as it goes on the market.
3. Be ready to make a decision – Decide in advance what you can afford and must have in a home so you won’t hesitate when you have the chance to make an offer.
4. Bid competitively - Your first inclination may be to start out offering something less than the absolute highest price you can afford, but if you go too low in a tight market, you will likely lose out.
5. Keep contingencies to a minimum - Restrictions such as needing to sell your home before you move can make your offer unappealing. Talk to your lender about getting a bridge loan to cover both mortgages for a short period.
6. But don’t get caught in a buying frenzy - Just because there’s competition for a home doesn’t mean you should buy it. Don’t neglect your agent’s price recommendations or inspections that help ensure the house is a sound investment.
Principal, Janet McAfee Real Estate