The market is hot right now! In fact, it’s been really hot over the past few years, with no signs of slowing down. When buying a home in a hot market, taking the right approach is so important. Otherwise, you could be house hunting for months or over a year before you finally get one, during which time home prices will continue to rise. Keep these tips in mind for buying a home in Somerville, MA and the Greater Boston area.
Gone are the days where you can view a home and “think about it” for a week. Most homes in a hot market go under agreement right after the open house. In fact, many have deadlines for offer submission just a few days after the first open houses are held. As a buyer, you need to make decisions fairly quickly. Otherwise, you won’t have any opportunity to compete. Go into the house hunt knowing what you want and being ready to act when the right home comes on the market.
Make Strong Offers
Bidding wars are the norm these days. For a home that is well priced and in good condition, you will be competing with several other buyers. This means that your offer will need to be strong to have any chance. Give up any thoughts of bidding under asking price when buying a home in a hot market. If a property is new to the market and has multiple offers, you will need to offer above asking price. Make your offer strong and appealing, otherwise, you are unlikely to be selected as the winning bid.
Hot markets in MA have few listings and many competing buyers. How can you make your offer stand out? For most buyers, it takes losing several homes before they start to think outside of the box. This is where being creative can help. Are you willing to waive certain contingencies? Is an escalation clause necessary? Would a personal letter help? Discuss options with your agent to come up with the best approach.
Heed the Advice of Your Agent
Your real estate agent is your best resource for buying a home in a hot market. he/she will have valuable MA home buying tips based on his/her past experience. Heed your agent’s advice. Know what works and what doesn’t work when it comes to multiple offer scenarios. Remember, the longer it takes you to find a home, the more you are likely to pay given rising prices! With the right guidance, quick acting, and strong and creative offers, you will be in your new home much more quickly.