As the housing market comes back, buyers are facing something they haven’t seen in a long time: Competition.
If you’re a home buyer, don’t get caught off guard in this market. Here are three things to know:
1) Don’t make a low-ball offer
You can rarely scoop up a property well-below asking price any more. Really low offers will probably just waste your time. According to Zillow, houses in the Columbus area are selling just under list price at 96% of what sellers asked for the house.
2) Find a well-connected agent
With the amount of houses on the market decreasing, it’s more important than ever to find a good real estate agent. An agent with their hear to the ground often knows about upcoming opportunities before they even come on the market. They can make sure you are first in line for these types of houses.
You may also want to think about working with a full-time agent. They have the time to look through all resources to find you your dream home.
3) Be flexible
In multiple offer situations, the highest price is not always the winner. It helps to have few contingencies such as leaving the closing date up to the sellers. Also, come pre-qualified with a proof of funds.