Homebuyer Tips for Hot Real Estate Markets
The housing market is HOT right now, which can make it even harder to secure your dream home. Buying, selling, or both – you need a top-notch title team to help transfer the property’s title. While home inventory is low, and competition is high, you can still purchase a place you’ll love with these tips from True Concept Title:
Spotting A Hot Real Estate Market
It’s plain to see that right now we are living in a hot real estate market basically nationwide. New home sales are steady and refinancing to take advantage of rates are increasingly popular.
In general, if the unsold housing inventory has been on the market for four to six months, the market is considered balanced between buyers and sellers. Less than that is considered a seller’s market, and more than that favors buyers. Beware of an “overheated” market where housing prices can soar to unsustainable levels and demand for homes outstrip supply.
Ready to Buy a New Home
If you’re trying to buy a house in a hot market, you’ll want to make sure you have the best real estate experience from start to finish. Try these tips:
Window Shop
Before you set your hopes on a property, spend some time looking over what is available in your market. Scan the new listings every day. Tour open houses. While no property will be perfect, take your time to find what kinds of homes and neighborhoods that you like, and what features matter most to you in a home.
You’re buying a home, congratulations! All the steps, inspections, mortgage loans, and paperwork can feel like an overwhelming process. We’re here to help you through every step in the title insurance and escrow process. Protect the biggest purchase of your life with True Concept Title!
Have the Help of a Good Real Estate Agent
Having a good real estate agent on your side is key to purchasing your dream home in a hot market. You want someone that knows about listings as soon as they hit the market, if not before. Your agent should also know how to make your offer stand out from the crowd.
Decide on a Compromise
Some buyers see a dated kitchen or living room and make a run for the door. That may mean less competition for your property purchase. Home finishes and appliances can easily be changed, but it’s harder to change the floorplan, and of course, location matters.
Know when and where you can make small compromises, such as an outdated kitchen or bathroom, or a smaller lot. You might just get a great home in a neighborhood you otherwise wouldn’t be able to afford the mortgage on!
Don’t comprise on a great title experience. Call True Concept Title for national service to make your new home buying experience go seamlessly. We’ll even come to you for convenient mobile closings for your new property.
Line Up Financing
Get preapproved for a mortgage and talk to several lenders. You want a mortgage broker on your side that can close a loan quickly (and take advantage of great rates), especially in a hot market.
Offer a Quick Closing
Some sellers are in a hurry, and if you can put in an offer that closes quickly, you may set your offer apart. Some sellers might even accept a slightly lower offer in exchange for a quick close.
When you work with industry experts like us, the real estate agent, mortgage loan originator, and title/ escrow company will use our on-going relationships to do everything we can to help ensure a fast closing.
Ready to close on the go? True Concept Title’s national title specialists can close anytime, anywhere. We offer mobile title closings and fully support you at every step of the title process. Contact us today: call 813-263-7168 or toll-free at 866-651-6224 to speak with our title experts.
Get A Pre-Inspection
You’ve found your dream home that you want to make an offer on. Great! Now, have an inspector look it over. An inspection can help reveal problems that might impact your offer price, or that you might want the buyer to fix before purchasing.
In a competitive market, a seller is probably unlikely to agree to fix minor problems, so be warned. A pre-inspection also allows you to make an offer that is not subject to an inspection contingency.
Waive Contingencies Where Possible
If you are able, waive other contingencies such as for financing. This means that if your financing falls through, you will lose your earnest money. If going this route, it is wise to stipulate that a lender’s appraiser needs access to the home, otherwise you won’t get your mortgage.
Some things like liens on a property may also make it more difficult to get your mortgage, but a title company will make sure that everything is in place for the property purchase and make sure your investment makes sense.
Remember: even though waiving contingencies can help speed things along, you want to be careful because they are put in place to protect your rights and your money during the sale!
Be Patient
In a hot market, you might make several offers before winning on the right home. The house of your dreams is out there if you have the patience to find it!
Close on the House of Your Dreams
While the pursuit of homeownership can be daunting, our title agents at True Concept Title want you to feel comfortable throughout the entire process of your real estate purchase. The real estate market is always changing, be ready to put an offer on a home you love while interest rates are still low!
Choose True Concept Title for all your real estate title services and escrow needs. We support the entire home buying process from start to finish, and with offices based on both the East and West Coasts, you can reach our national title experts anytime. Your dream home is waiting for you! Call 813-263-7168 today to speak with a specialist.
