The housing market can fluctuate widely based on local, national, or even global conditions. There are times when home prices drop dramatically and when prices are sky-high. Then there are times when it swings back and forth. In a crazy housing market, selling or buying a home can create a lot of anxiety, but there are things that you can do to maintain control. Here are six tips for buying during a crazy home buying market.
Secure Your Financing First
If you are buying a home, make sure your financing is in place before you start looking. You don’t want to find the perfect house and then not be able to buy it because you don’t have the funding. If you know that your approved loan is based on certain conditions, such as an appraisal that has not yet happened, take care of those conditions first.
Do Your Research
You need to know what kind of market you’re going into and how your finances will work within the market. If you don’t have a budget, think about what you are willing to spend. If you don’t know your limits, try to break down the cost of living into categories. Does your family typically eat out? Do they always need new clothes? If those are expenses that aren’t in your budget, perhaps it’s not the right time to buy.
Don’t Buy Without an Appraisal
Always get an appraisal. It would help if you didn’t do this after seeing the house, but as soon as you’re ready to close on it. You don’t want to get the money together and lose it because there’s something wrong with the house. You can always add an appraisal contingency to your offer.
Make Stronger Offers
You might want to make a firm offer before bidding on a home. This will show the seller that you are serious and might decrease the price. That could be good or bad, but you can negotiate with the seller once they know you seriously want the property.
Keep Looking Until You Find What You Want
If you buy at the wrong time and don’t like it, you might have regrets. Rather than getting frustrated and upset, take your time to look at each home for sale before getting too close to a home that doesn’t feel right.
Hire a Great Agent
An experienced real estate agent can help you get the home you want. If you know a real estate agent, ask them whom they like to work with and why. You can also do online reviews of agents or check the listings online to see where they’re located. At CM Fox Real Estate, we have an incredible team of exceptional real estate experts. Please take advantage of our fantastic team and resources!
Work with CM Fox Real Estate
Just because it is a buyer’s market doesn’t mean you won’t need help. Having the right agent makes a significant difference in what you pay for your next home. At CM Fox Real Estate, we have the experience and the resources to help you find the perfect home. Contact CM Fox Real Estate through our website or call 518-861-7030 to set up a no-cost consultation.