How To Gain the Competitive Edge When Home Buying
If you’ve been house hunting, you’re likely familiar with the many challenges and obstacles that come with the territory. A major factor driving this competitive market is the low inventory of homes for sale. Want to have the upper hand? Here are some ways to gain that competitive advantage when home shopping.
Find Properties Before Everyone Else Does
Time is crucial in a competitive market that has very low inventory. To expand your search and get the edge on the competition, find properties before they hit the market. Be sure to tell your real estate agent to search for pocket listings.
Make an All Cash Offer
Have the money in hand? Make an all cash offer. For a seller, an all-cash offer is going to be hassle-free and quick, regardless of whether they’re in a rush to close. There’s no waiting for loan approval and things move a lot quicker.
One surefire way to make sure you stand out and gain the upper hand is to be well-qualified. This means you’re gainfully employed, able to make a downpayment of 20% or more and, of course, have good credit (mid-700s and up). This is really important in general, but particularly if you’re up against an all cash buyer!