The housing market is an ever-changing industry. What was once true 10 years ago may, in fact, not be true today. So what has changed the most in the traditional home buying process? For one, buyers should be prepared for stiff competition. Here are the 4 rules that can either make or break your deal when you’re buying a home in 2017.
1. Prepare for a marathon house hunt
Today, especially in Southern California, housing inventory is low while demand is high. It may take you up to six months to buy a home, so be patient. You’re also more likely to enter a multi-offer situation than you were in years past.
2. Secure financing before you begin shopping
Long gone is the time when you can waltz into a home and put a serious offer in without first securing a loan. Today you need to be pre-approved before anyone will take you seriously. In order to find the right mortgage, you should meet without at least three different lenders to get an understanding of the mortgage landscape.
3. Don’t lowball your offer
You may want to put in a low offer in order to negotiate a great price, but with competition like in today’s market, there is no room for lowballers. It’s best to discuss with your real estate agent to determine the best offer for your area.
4. Move fast
In a tight housing market like ours today there is no time to waste. A seller can list their house on a Friday, do a couple open houses over the weekend, and then review all offers on Monday. So if you’re serious about buying a home, you need to be ready to pounce.