How to buy in a hot market

How to buy in a hot market

It is a hot market for buyers right now. Inventory is low, properties are selling fast, and the number of buyers seems to be growing. How do you win when the competition is so fierce? Here are our tips to home ownership in a hot market.

1. Always be prepared

Preparation is key. Get your finances in order, get a pre-approval from your lender, read the contract of sale for the properties you are interested in. No home owner or real estate agent wants to deal with a buyer who isn’t ready so do your best to get everything in order ahead of time.

2. Do your research

While a real estate agent is most likely to know the market you are buying in, you should have some knowledge of what has been sold in the area recently. This will give you plenty of knowledge so that you can compare what has sold to what’s coming on the market. 

Not only will this help your buying journey but it will also help to manage your expectations when it comes to what is possible and likely to happen.

3. Know your limits

There is a reason that a finance or mortgage broker gives you a limit on what you can borrow. This is the figure that you should always bear in mind when searching for property. Don’t get caught up in the emotion of property buying. If a property doesn’t fit inside your budget, you must cross it from your search list, no matter how much you love it. 

4. Buy with the end in mind

It is a fact of a hot property market that you are going to pay more than you want to pay, That is just how it is unfortunately. However, if you buy with the end in mind, the extra 5%-10% you are paying will be negligible in the future. More often than not time IN the market is more important that TIMING the market. So don’t stress about the premium of buying in a hot market because buying with the end in mind is always a good thing.

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