The 5 Best Strategies For Buying A Home In Fort Worth.
I know first hand how frustrating it is to be a home buyer right now. You look and find a great home, write an offer then you find out there are multiple offers. You’ve offered full price or maybe you’ve offered slightly less because you want to get a “good deal”. The seller must have priced the home over what they really are willing to accept. Right? Wrong!
Well, let me share with the you, strategies that will work in the “Sellers Market” we are in today. What’s a “Sellers Market”? It’s way more buyers than sellers!
Get your financing in place before you start looking. It’s best to pay cash or get a conventional loan. Make sure you have enough money saved for down payment plus your closing costs. From sellers point of view, cash or conventional is the least expensive for the sellers closing costs and a conventional loan or cash is most likely to close. Sellers not only look at the offering price but the terms and the most likely to close probability.
2) MAKE A STRONG OFFER:
In a “Sellers Market” for the most part, the listing price is the opening bid. Be prepared to make an offer of 3 to 5% over the list price, if you really want to buy the home. An extra $10,000 on a $200,000 home is about $2.00 per day more for your payments. Do you really want to lose a home for $2.00/day? The strategy here is to get possession of the contract and knock out the other buyers. Buyers are fearful of paying too much and I understand that but here is the truth.
The property must appraise for the lender. So if you have offered $10,000 over list and the property appraises for the contract price have you over paid? No, you haven’t. A licensed professional has looked at the property, pulled the comps and in his professional opinion it’s worth what you have contracted for.
3) DON’T WAIT:
Everyone would agree the direction of the market is up to slightly up, here in Texas. Every day you wait to buy or you are shopping around for a deal is diminishing your buying power. Chances are the $200,000 house you didn’t buy today, that same house will cost $202,000 next month.
4) LOOK AT NEW CONSTRUCTION:
Looking at New construction is often over looked by buyers. A couple advantages for new construction: Rarely, here in Fort Worth, are you in a multiple offer situation. Unless the home is ready complete, you have an opportunity to choose some features such tile or flooring to your tastes. It is in your best interest as a buyer, to have a Realtor represent you for the best deal in new construction. Sales people are not required to be licensed and they represent the builder not you. You will not buy the home any cheaper without a Realtor, in fact it’s a much higher probability you will get a more favorable deal with the Realtors representation.
5) BE PROMPT:
If you are receiving listing alerts from your Realtor. Check the new listings every day. Be prepared to go look at the home ASAP and make an offer if this is a home you love. Waiting will cost you money and time. Waiting will increase the probability of losing out on your dream home and you may have to settle for something less when you are out of time.
I hope this has been helpful. We are in a completely different market now and the old strategies of last year will not work in the present.