HOW TO Buy In A Tight Market

HOW TO Buy In A Tight Market

The Outer Banks real estate market is heating up!

The last 7 offers that our office has presented have all been in multiple offer situations. Single family home prices are up 5% the past 12 months and condo prices are up 28%! Residential inventory is down 5% and land inventory is down 10%. Increase your chances of getting your dream house in a competitive housing market.

Get prequalified for a mortgage.
You’ll be able to make a firm commitment to buy and your offer will be more desirable to the seller. We can introduce you to local lenders to get this first step out of the way.

Stay in close contact with your real estate agent.
We will be on the lookout for the newest listings that meet your criteria. Be ready to come to the OBX and see the house as soon as it goes on the market — if it’s a great home, it will go fast.

Scout out new listings yourself.
Browse our website for “JUST LISTED” real estate listings.  Set up alerts for the neighborhoods and characteristics you’re looking for. If you see a home you like send the address to us and we can schedule a showing for you.

Be ready to make a decision.
Spend plenty of time in advance deciding what you can afford and must have in a home so you won’t hesitate when you have the chance to make an offer.

Bid competitively.
Your first inclination may be to start out offering something less than the absolute highest price you can afford, but if you go too low in a tight market, you will likely lose out.  

Keep contingencies to a minimum.
Restrictions such as needing to sell your home before you move can make your offer unappealing. Remember that, if the market is tight, you’ll probably be able to sell your house rapidly. You can also talk to your lender about getting a bridge loan to cover both mortgages for a short period.

But don’t get caught in a buying frenzy.
Just because there’s competition for a home doesn’t mean you should buy it. And even though you want to make your offer attractive, don’t neglect inspections that help ensure the house is a sound investment. We will help arrange the inspections during the Due Diligence period to make sure these are completed in a timely manner.


Steven Donald Headshot
Author:
Phone: 252-489-0982
Dated: January 16th 2018
Views: 329
About Steven: Steve Donald and At The Beach Realty //// At the Beach Realty is a local firm located in Kitty ...

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at the beach realty llc
4802 Palmer Drive
kitty hawk, NC
252-375-8591