Imagine finally finding the home you’ve always wished for: perhaps it’s the one with friendly neighbors, the perfect green yard for your beloved pet to roam around in, and the garage that can fit your car and multiple boxes of holiday decorations. Then imagine that the one thing keeping you from turning the key is another competitive buyer willing to outbid you. What should you do?
Chances are the market is rebounding in your area, and that can lead to increased competition for homes in popular locations. But that shouldn’t dash your dreams of home ownership. Protect your emotional investment with proven tips that can help you make the right moves to land your desired home – and avoid overpaying in the process.
- Understand your market. Analyzing market trends and statistical data are key tools in helping you to prepare for the home buying process and manage expectations specific to your area. Lean on your real estate agent to access local analysis that should impact your decisions.
- Maintain a competitive edge. Boost your buying power and reserve some cash to help give you an advantage should a bidding war arise on an attractive home. But don’t get carried away and feel pressured to overextend your finances. A home is worth what someone is willing to pay for it. Take a moment to consider what it’s worth to you – and your bottom line.
- Be realistic in your search. If you’re continually outbid, it may be time to consider finding value in other neighborhoods. It may not be the exact location you set out for, but expanding your search can help you find a home that checks all the boxes on your wish list – including your budget.
As the housing recovery continues, more sellers are coming off the sidelines – and that means relief for homebuyers who have been faced with a limited supply. By taking your time, doing your research, expanding your horizons and partnering with the right agent, you’ll improve your chances of finding the right home for you and your family – and maybe even avoid being outbid in the process.
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