The competition for buying homes across the country has never been fiercer. So, when you find what you think is your dream house, there’s a good chance that you won’t end up as the lucky buyer.
It can be heartbreaking to have your dreams ripped away from you like that, but in a tough market, what can you do? It’s happened to all of us at some point, so I thought it was time to come up with some clever ways to increase your chance of winning.
Nothing’s guaranteed, of course, but these tips should help you improve your chances of success.
Spot an up-and-coming area
Expensive places to live cost a lot because they are already established. People like the security that comes with an established area, because everything is already there for them. However, if you are willing to put in some groundwork, you can find an up-and-coming area.
The house prices will be much cheaper, and they will also rise quickly as the location becomes more established. There are a few clues to look out for. When there are a lot of improvements made to the area, you will notice independent shops cropping up all over the place.
There will also be an effort by the local state to improve transport links. So, keep your eyes on the developments in your local areas and you should be able to get a better home for your budget.
Find a local estate agent
Although real estate agents have a duty to represent the seller, they know the local markets inside out. So, they are in the best position to advise buyers, too.
They will know which sellers want to sell up quickly, which could be a sign they are willing to negotiate a deal. Local realtors also have a lot more property on their books than you will find on major home finding services online. Take a look here for a good example – www.searchbaltimorerealestate.com. As you can see, they have at least 25% more properties than you will see on the likes of Trulia and Zillow.
So, get yourself connected to a local estate agent or two and you will have a better chance of coming up with a bargain.
Remove your part of the chain
‘The chain’ can put the skids on many people’s chances of buying their dream home. If you are already living in a house, then you might not be able to sell it and buy a new place at the same time.
Timing is critical when you purchase a house. There are a lot of people out there who will sell for less rather than waiting three, six or twelve months while you find a buyer. So, if you can remove this complication – by selling up and renting for a while, for example – you will find you are a much more attractive buyer.
You could also get pre-approval for your home loan. Anything that you can do to make that sale go through quicker will be a bonus, and could be the difference between you and another interested party.
Well, there you have it. I hope this has helped you think of some ways you can improve your chances of finding your dream home. I wish you all the best with your move!