How to Find Success as a Competitive Homebuyer

Estimated reading time: 2 minutes

In today’s competitive real estate market, finding success as a homebuyer requires a strategic approach. To help you grab your dream home, we explore five essential tips that can empower your offer!

Obtain a Pre-Approval

Having a pre-approval letter is one of the best ways a homebuyer can establish credibility. A pre-approval is written proof from a mortgage lender that you have the means to qualify and pay back the mortgage you applied for. They do this by conducting a thorough financial review.

Sellers typically look for pre-approval letters because the odds of the home sale falling through are far lower than a purchase made without one.

Build Out Your Homebuying Team

An experienced and knowledgeable real estate agent is like your own personal tour guide through the homebuying journey. While some homebuyers are busy checking Zillow every day for something new, your agent can tailor their search to focus in on what you need. In addition, real estate agents have relationships with other agents in their area. You may be able to find your dream home before it’s even listed on public sites.

Be Prepared to Move Quickly

When inventory is low, hesitating could mean you miss out on purchasing the home you really want. According to a report published April 18, 2024, from the National Association of Realtors, properties were on the market for an average of 33 days in March, a faster pace than a month prior when homes stayed for an average of 38 days. If you find a home you love, put an offer in before you miss out.

Leverage Negotiations

Negotiations can reach far beyond the home’s price. Be sure to leverage your real estate agent to create a competitive offer. Being flexible about repairs or upgrades, closing costs, and contingencies added into the contract can give you a leg up over more needy buyers. Additionally, a higher down payment amount or earnest money deposit can provide assurance that you’re committed to your offer. Sellers will always be happy about a sale that they know will move quickly and without hangups.

Utilize Mortgage Programs from a Lender Who Cares

Working with a Loan Originator from Homestead Funding sets you up for homebuying success! Our specialty and conventional mortgage programs are just some of the ways we help our borrowers win their dream home in a competitive market. Ready to get started? Contact us today!