Three Tips to Help Buyers in Today’s Market

Navigating today’s tumultuous real estate market can be tough. But contrary to what you might hear in the news, buying property today is not impossible. It just takes a little added skill.

Here are three tips to improve your chances of buying successfully:

1. Know your budget with confidence

Most of us wouldn’t go to the store without knowing how much money we have to spend. And yet, it’s very common for buyers to start window shopping for real estate without really knowing what their true budget is.

If you intend to purchase property in this real estate market, it is crucial to know exactly how much purchasing power you have before you look at listings. For everyone except cash buyers, that means working with a mortgage broker who can take a look at your financial picture and tell you realistically what you can afford. Don’t just toss a few numbers into an online calculator and hope for the best. Talk to a real person and get an honest, comprehensive, and reliable assessment of your financial situation, along with recommendations of financing products you might qualify for and tips on how to improve your finances over time.

2. Know what you’re looking for and act fast

The real estate shows on television make it seem so simple: a buyer goes out with an agent, peacefully looks at a few houses, picks the one they like, and… voila! Unfortunately, in the real world, finding the home of your dreams isn’t always that easy.

One thing that can help is to have a clear picture of what you want ahead of time. There’s nothing wrong with browsing (in fact, it’s fun), but in a competitive real estate market it’s important to act fast and make quick decisions when needed. Having a good idea of exactly what you’re shopping for can help to focus your search for property and make you more nimble when you find what you want. And, be sure to either have your real estate agent along with you when you look at property, or have them on speed-dial so you can act quickly when you find something on your own.

3. Be ready to put it all on the table

As a follow-on to the two points above, buyers need to be ready to go all-in once they find what they’re looking for if they want their offer to be accepted. If you’re serious about buying a piece of property, be prepared to put your best foot forward and to make your best-and-final offer early in the process, if not right at the start. You’re likely to be up against stiff competition for property that’s truly worth it, so be ready to bring your A-game right off the bat.

There is never any recipe for guaranteed success in real estate, so even if you follow all these tips you still might face challenges buying property. But take our word for it, buyers who don’t follow these tips are already putting themselves at a serious competitive disadvantage in today’s market.

As always, the best advice is… give us a call! We’re here to help!

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