If you are looking to purchase a home during the fall season, it’s always best to consult with your real estate agent for advise on the best ways to maximize negotiating power. In today’s real estate market, bidding wars can be common despite the usual seasonal slowdown in real estate sales activity in autumn. Here are four tips:
(1) Be Financially Prepared
Home buyers need to understand the current status of the real estate market and how fast-paced it is currently. Someone with a low credit score or the inability to make a down payment may find it more difficult become pre-approved for a mortgage. Additionally, understanding the current market main mean making a fast decision for an offer to purchase a home.
(2) Is this the Right Home in the Right Place at the Right Price?
Sometimes would-be buyers are all too eager to make a home purchase without actually considering the condition of that local market. They are willing to make too many compromises on what they’re looking for just in hopes of buying sooner than later. There isn’t necessarily anything wrong with that approach, but it’s important for buyers to think about whether their new homes fit their long-term living plans.
Buyers should seek advice from their agents about local market shifts and trends to make better informed decisions as well as consider how long to plan on owning that home before thinking of moving again.
(3) Strike When It’s Wise
Home buyers should keep in mind why autumn is such a buyer-friendly season in the first place. While competition is still considerable because of existing market conditions, the number of people looking at homes does decrease, making purchasing a home a bit easier. Sellers who have had their homes on the market since the start of spring may be more motivated to make a deal than they were in the summer.
(4) Touring Homes
With COVID-19, touring homes for sale has different rules. Masks will be required and you will not be permitted to touch things in the home. There may also be restrictions about how many people are permitted as part of your tour due to social distancing. Be mindful that the houses you view are the living spaces of people who want to stay safe.
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