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