Tips on Buying in a Tight Market

by Chuck Roper 12. April 2017 13:09

Buyers, be ready!  The St. Louis real estate market is heating up.  In many price ranges, inventory is low and buyers are competing for homes.  The National Association of Realtors suggests 6 ways to improve your chances of getting your dream house.  

1.        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.

2.       Stay in close contact with your real estate agent - Your agent is on the lookout for the newest listings that meet your criteria. Be ready to see a house as soon as it goes on the market.

3.        Be ready to make a decision – Decide in advance what you can afford and must have in a home so you won’t hesitate when you have the chance to make an offer.

4.       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.

5.        Keep contingencies to a minimum - Restrictions such as needing to sell your home before you move can make your offer unappealing.  Talk to your lender about getting a bridge loan to cover both mortgages for a short period.

6.       But don’t get caught in a buying frenzy - Just because there’s competition for a home doesn’t mean you should buy it.  Don’t neglect your agent’s price recommendations or inspections that help ensure the house is a sound investment.


Janet Horlacher

Principal, Janet McAfee Real Estate


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