Edge Out The Competition When Buying A Home

Written By Alla Levin
August 01, 2022
You Can Listen to This Article Here
Voiced by Amazon Polly

Edge Out The Competition When Buying A Home

Buying a house is highly competitive right now. Properties are listed, and it’s not long before keen buyers snap them up.

If you’re searching for your new home, prepare for things to get tricky. From dealing with other buyers with a lot of cash to spend to sellers looking to drive a hard bargain, you need to be prepared to fight with your hands to get those keys!

But the good news is, it can be done! Here’s how you can make a more attractive buyer and edge out the competition when you buy a new home. 

Make sure your finances are all in order

While it’s nice to do window shopping for things you can’t afford, it’s not the wisest move when looking at houses. Sellers want to move quickly, so you’ll need to make sure your finances are all to ensure you don’t get edged out by the competition. 

Make sure you’ve got your savings in order, your verification of deposit, and any additional funds you will need to buy your home. 

Set up alerts for new listingsCompetition When Buying A Home

When a new listing appears, you need to move quickly, or else you risk the house being sold to someone else quickly. Setting up alerts for homes for sale will mean you get notified of new listings quickly, ready for you to make some viewings.

You should also contact realtors to explain what you’re looking for and to notify you of any new properties on the market that meet your budget and requirements.  

If you’re selling, make sure you’ve got buyers lined up

If you’re selling your home while buying another, you should make sure you’ve got other buyers lined up before you start browsing. Having your house unsold could hold your purchase up, leaving you in a chain that’s unattractive to sellers.

There are some handy tips you can try to help you sell your house faster that can help put you in a better financial position and make you a more appealing prospect to sellers.

Be ready to bid a little more

Buying a house can be highly competitive. House prices are already high, but people are willing to spend extra to get their dream home. Bidding wars aren’t uncommon, so if you can keep a little extra aside in case you have to make a higher bid, then you should.

To help you make up for the extra money spent, there are ways you can save money on a house purchase, allowing you to recoup some costs further down the line. 

It’s important to know that buying a house shouldn’t leave your finances in dire straits. If you’re going to stretch yourself, do it to an amount you can afford. Anything else, and you risk being unable to enjoy your new home.

Make a compelling caseCompetition When Buying A Home

Some sellers are out to make a profit, while others may feel a little more sentimental about the home they’re selling. For example, those selling their first or family home might be more particular about who they sell to. 

Get ready to make a compelling case to buy your dream home. Writing a letter to the sellers is a popular choice and shows that you really want the house. Tell them what you love about it and why you can’t wait to start your memories there. While it may not be guaranteed to work, it could just be the thing that puts you ahead of the competition.

Consider something in need of a bit of work

It can be challenging to find your dream home, and you may not get all of your boxes ticked. But buying something in need of a makeover could be just what you need to build your dream home. A fixer-upper may attract less interest than a home that’s ready to live in, so you could get a great deal.

A fixer-upper might be a lot of work, but it could end up being the making of your perfect home. As the sale value is likely lower, you can save on some of your upfront buying costs and take your time to take on different projects around the house.

Buying a house may be trickier than it used to be, but that doesn’t mean you should be disheartened. Be as prepared to make an offer as you can and take steps to edge out the competition in the hope that the dream house you’ve found could be yours. 

I Need More

Enter your Email Address to Join the
Gang of Curious and Life Loving
People!

Related Articles