Considerations when buying a home in a hot real estate market

On Behalf of | Aug 6, 2021 | Firm News

Like most of the United States, northern Georgia is experiencing a dramatic rise in home values. Buyers must contend with limited inventory, stiff competition and even bidding wars in some cases.

These three strategic tips can help you keep your cool when looking for a home in a hot seller’s market.

Choose an experienced real estate agent

A real estate agent with impressive knowledge of local towns and neighborhoods is an invaluable partner in your home search. You should choose someone who you feel comfortable with and trust to negotiate on your behalf and act in your best interests. He or she also must be ready to act quickly when you find the right property.

Prepare an attractive offer

Have a mortgage preapproval in hand before you begin looking at houses. Otherwise, sellers will not see you as a serious potential buyer. Look at homes below your budget; if you start at the top, you will not have the room you will probably need to increase your offer in a situation with multiple bids.

Make a realistic must-have list

You may need to adjust your list of wants and needs based on the available inventory in your target areas. Rank your must-have features in order of priority and identify the items you can probably live without. At the same time, avoid buyers’ remorse by establishing and sticking to your absolute dealbreakers.

With the right preparation and strategy, you can take some of the stress out of buying a home when competing against multiple bids in a tight housing market.

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