If You’re a Buyer Having Trouble in Today’s Market, Here Are Four Tips to Help
In today’s low-inventory real estate market, many buyers are struggling to secure homes. If you’re looking to buy a house, today we’ll share a few tips to help you find success:
1. Talk to multiple lenders to find one with the right rates for you. As rates rise, finding the best lender for you becomes more important. If you’re concerned about your credit score’s impact on your rates, a good lender can make suggestions on how to improve your credit score. We recommend you work with a local lender since they’ll know how to tailor your experience based on your location.
2. Look into cash-offer programs. There are programs available that allow people who need a mortgage to make cash offers on homes. They’re an extremely powerful tool for buyers since cash offers are about four times more likely to be. Since you wouldn’t have a financing contingency or an appraisal, your offer will also become more attractive to sellers.
3. Understand the necessary terms of a competitive offer. Most offers will have standard terms like offer price, earnest money, closing date, the length of the inspection period, etc. However, some special terms can be used to make you more competitive, like escalation clauses, low appraisal gap coverage, and maybe even an earnest money release after inspections.
“Cash-offer programs are an extremely powerful tool for buyers.”
4. Search for off-market properties when appropriate. Most buyers will find their properties on the market by searching on the MLS, but there’s also the option to find off-market properties. Many agents don’t know about this or don’t have the means to offer this option to clients, but the Evergreen Property Group can.
If you have any questions about buying a home in today’s complex real estate environment, don’t hesitate to give us a call or send us an email. We’d love to help you.