The New Rules for Buying a Home in Today’s Market

The New Rules for Buying a Home in Today’s Market

In today’s hyper-competitive market, the old rules for buying a home don’t always apply.

 

So what, exactly, are the new rules, and how can you leverage them to buy your dream home?

 

A recent article from realtor.com outlined the rules you need to follow if you want to successfully buy a home in today’s market, including:

 

  • Prepare for a marathon. Finding a home in today’s market is a marathon, not a sprint. Thanks to low inventory, you can’t go into your home search expecting to find and buy your dream home in a few weeks; instead, expect the process to take three to six months — or, in certain markets, up to a year.
  • Don’t lowball your offer. With so much competition in the market, lowball offers are quickly discarded. If you find a home you love, make sure you do everything you can to make your offer as competitive as possible, including offering at or above the asking price.
  • Move fast. Again, the current real estate market is extremely competitive, and that means things move fast. Many homes are listed on a Friday, host an open house or two on the weekend, and then review offers on Monday. If you want to successfully purchase a home in today’s market, you need to be willing to move fast and, in many cases, make an offer immediately upon seeing a home.

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