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How to Buy Real Estate in a Hot Market

The past couple of years have had their ups and downs; some would say more downs than ups.
A pandemic has swept the world, and we are still working through it, but I
know the market caught a lot of people by surprise. The real estate
market, I believe, did the complete opposite of what a lot of people thought it was going to do.

Everyone thought the market would crash, but that didn’t happen: Interest rates went to an all-time low, and houses started selling like crazy. First-time homebuyers were ready to buy, and
sellers were prepared to sell– it quickly became a seller’s market–meaning there were more homebuyers than sellers. The real estate market has become hotter than ever, so let’s go over the steps to get that first house.

Look for houses that have been on the market for about 30 days or more.

There are a lot of homes that haven’t had any offers– if they have, something has happened– for example, financing fell through, it’s way overpriced, or it’s just simply not what buyers are lookingĀ to purchase. Circumstances like these give the seller no choice but to come down on their asking price–and it provides theĀ potential buyer room to negotiate.

Don’t try to go for the newest house that just hit the market.

I’m sorry, in a very hot seller’s market, if you put an offer on a house that just hit the market and looks all brand new, you might be one of multiple offers on that house. I know you want the home you want, but unfortunately, it doesn’t always go according to plan.

Try to stay calm and collected.

Trying to find a house in a hot market can be stressfulĀ and frustrating– and for some, it can be a lot for someone searching for their dream home.Ā You’ll have to take a chill pill–especially when you are getting beat out by other buyers.

Find an agent that will have your back–no matter what.

Now let me explain whether your agent will be your best friend or one of your best friends in real estate.

Your real estate agent needs to be your number one fan– especially regarding the financing you’re using. Whether you are using FHA, conventional, or, like me–the VA loan–get an agent that has your back. If you feel some shady stuff is going on, I wouldn’t advise you to use that agent again.

Look for a house that needs a little work.

Now I get it– you don’t want to have to do anything–you want to buy and move your stuff in, and that’s it. I’m all for that, but sometimes you must go a different route: find a house in a nice neighborhood that needs some updates and will give you the opportunity to talk down the price.

Although buying a home in the current market can be frustrating, these tips may make things easier. Also, don’t forget that if you’re looking for a lender or real estate agent, ADPI can help! Click here to get connected with our team:

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