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4 Tricks to Buying a Home in a Crazy Hot Market

Key Takeaways:

  • Despite the ongoing pandemic, the real estate market is more competitive than ever before—and that means buyers have to do more to get their offer accepted.
  • Want to stand out from the competition and score the home of your dreams? Our four tips can help you achieve real estate success in no time.
  • If you have any questions about buying in today’s hot market, just give us a call for even more personalized advice!

The 4 Tips Every Buyer Needs to Know in 2021

If you’ve been house-hunting for a while, you’ve probably noticed that today’s real estate market is more than just a little competitive. Low mortgage rates, high demand, and dwindling inventory have created ideal conditions for sellers—but it’s still very possible to score a fantastic deal on a home.

Want to know the secret to buying a home in 2021? Here are four tips that can help you take back control in a seller-driven market.

Get your finances in order

Calculating mortgage payments

First and foremost, you need to get your finances in order before you even consider looking at homes. Start by paying off as much debt as you can and increasing your credit score. It’s also a good idea to keep track of just how much you have saved for a down payment. Sellers are more likely to choose buyers who can put down at least 15% or pay cash.

Want to strengthen your offer even more? Get preapproved or attach a higher earnest money deposit to show a seller you’re serious about buying their home.

Know what you want

Buying a home is one of life’s most exciting milestones. However, it’s easy to get caught up in the little details—which is why it’s crucial to do your research in advance. Connect with a local agent early on to discuss your home-buying goals. A good agent will help you hone in on your budget, wants, and needs, as well as the right area or neighborhood.

Prepare for a bidding war

Negotiating a deal

According to a recent survey by Redfin, more than half of all buyers found themselves in a bidding war last year. And while the idea of competing against other home-seekers might seem overwhelming, there are a few things you can do to stand out. 

If you’re trying to score a house with multiple bids, send in your best and final offer up front. You may also want to include an escalation clause, which automatically increases your purchase price by certain increments (like a few thousand dollars at a time) so you avoid getting outbid.   

It’s also a good idea to consider homes below your budget, especially if you have your heart set on a popular neighborhood. This gives you some flexibility if you end up in a bidding war. 

Appeal to the seller

Talking about real estate

Even if you find yourself in a bidding war, it’s still possible to come out ahead. Believe it or not, sellers don’t always choose the highest offer, even if it far exceeds the original asking price. 

You can appeal to a seller’s peace of mind by limiting your contingencies, offering to pay closing costs, and letting them choose the closing date. Adding these extra bonuses might seem minor, but they can really impact a seller’s final decision.

Only Buy with the Best

Working with a top-notch agent can help you navigate 2021’s crazy real estate market with ease. So if you’re looking for some guidance, it’s time to give us a call!

Whether you’re at the beginning of the buying process or are already searching for a home, you can trust us to help you find your perfect place. Contact us today to get started; we look forward to working with you.

About The Adler Home Team

When looking to buy or sell in Northern New Jersey, you may rely on The Adler Home Team and their intimate knowledge of the distinct communities throughout the region. Jeff & Debby Adler continue to lead with contribution and have served over 1,100 families in their 20 year experience in Northern New Jersey. Through their combined efforts, this team of eleven professionals is very diligent in serving a full array of clients from first time buyers to those seeking their expertise in Residential, Condos, Townhomes, Luxury, New Construction, Relocation, Short Sales, Foreclosures and Rental Properties. By accessing the very best in technology, current market data and creative marketing applications, The Adler Home Team takes every measure to ensure that their clients are educated and provided with the critical insights that meet their specific requirements. They teach, lecture and train at the national level on negotiation skills, marketing and team building. The Adler Home Team is most proud and thankful for their strong referral business that confirms their talents, creativity, professionalism, diligence, knowledge, and outstanding integrity. The Adlers look forward to forming a partnership with their clients to help them reach their goals and make smart business decisions. So, when it comes time for you, a friend, or a family member to make a move, trust the Adler Home Team to win for you. Google

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