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House prices are at an all time high and there is lots of competition if you are buying a property. However, here are five tips to help you secure your dream home in a seller’s market:
🏠 Get pre-approved: With lots of competition between buyers, you need to act quickly once your offer is accepted. The best way to do that is to make sure you have all your finances in place and have been pre-approved from a lender.
🏠 Avoid being in a chain: If you have nothing to sell and aren’t in a chain, then that will certainly edge you closer to the front of the buyer’s queue. If you put in a decent offer, it is likely that you will be preferred to a ‘chain’ buyer that bids a similar amount.
🏠 Be proactive: Establish relationships with local Real Estate Agents in your search area, because many of the best properties are sold before they even reach the market at the moment. If you show them that you are a serious buyer in a good position, then you’ll be first to know about new properties.
🏠 Prepare for sealed bids: Sealed bids have become the order of the day with many sales now ending up in a best and final offers situation. This means you need to know exactly what you can afford to allow you to make decisions quickly.
🏠 Don’t pay too much: Stick to your budget! Yes, you want to secure a forever home, but make sure you aren’t getting yourself into financial trouble in the process, as you don’t want your dream home turn into a nightmare.
It is a tough market out there and it can be really deflating if you are missing out on property after property, but you just have to keep going and keep bidding because, sooner or later, it will be your time to get the keys to your dream home.