The real estate market is hot, and experts are predicting the hot market conditions will continue throughout the summer in many states. But what do these conditions mean to you as a buyer. Here are some things you should know.
The market is strong and in California that’s compounded by the fact that there’s a housing shortage. It’s what you would call a sellers’ market and if you’re selling that’s good news. With plenty of buyers to choose from, you have a lot of negotiating power to sell on a timeline that works best for you.
So, what if you’re buying? Your biggest challenge may be competition for homes. So, you need to be ready ahead of time and there are some things you can do to prepare.
Get your finances ready now. Get preapproved for a 15-year fixed mortgage and save up for a 10 to 20 percent down payment. This lets sellers know that you’re a serious buyer because you’ve already started the process.
It helps to know what you want. If you know exactly what you want, you’ll be able to beat competitors to the punch and make an offer faster. Talk it over with your partner or spouse and agree on the must-haves.
In a hot market writing a letter to the seller can often make the difference. Sending a personal story to your seller might be just the thing that makes you stand out over similar and sometimes higher offers. Yes, this really works in some cases where sellers care about the sort of people who might end up with their house.
Finally, hire an experienced pro. Working through the complex details that go into a home purchase in a hot market could cause costly delays. A seasoned real estate professional will be well worth any commission when it comes to making a deal that works for everyone.
