Buying a home can be challenging enough without inventory issues and fierce competition. But when supply is low and demand is high, buyers need to have their ducks in a row well before even touring a home. Here we’ll cover some tips first time buyers can use to increase their chances of landing their dream house in a hot market.

1.     Listen to your real estate agent
Remember to let your homebuying team guide you on your journey, not your emotions. Their support and expertise will keep you from compromising on your must-haves and future financial stability.

2.     Understand your finances
Having a complete understanding of your budget and how much house you can afford is essential. The best way to know this is to reach out to your lender to get pre-approved for a loan before you even start house hunting. Be sure to take this step so you stand out from the crowd. It shows sellers you’re a serious, qualified buyer and can give you a competitive edge if you enter a bidding war.

3.     Be ready to move quickly
According to the National Association of Realtors (NAR) Realtors Confidence Index, the average property being sold today is receiving more than three offers and is only on the market for a few weeks – in places like Denver only a few days. As soon as you find the right home for your needs, be prepared to work with your agent to submit an offer as quickly as possible.

4.     Make a fair offer
Of course you want to get the best deal possible, but in competitive markets, you’ll want to bring your best and strongest offer. Your agent will work with you to make an informed offer based on the market value of the home, the condition of the home and recent home sale prices in the area.

5.     Be flexible
After submitting an offer, the seller may accept it, reject it, or counter with a different offer. In a competitive market, your position can be strengthened with an offer that includes flexible move-in dates, a higher price, or minimal contingencies. While you can waive some of these contingencies, don’t skip the home inspection – you don’t want to be stuck with a contract on a house you can’t afford to fix.

House hunting in a competitive market can seem overwhelming, but if you know what you’re in for and have an experienced pro on your side, you can navigate the waters much more efficiently. Give Metrowest a shout today and let’s get started!