Dec 15, 2024
House hunting can be fantastic and fun, but it can also be hugely stressful and even boring – and all of those feelings can happen in one day! Moving house is a stressful time and it only gets harder when the house hunting adds to the stress, which is why it’s such a good idea to discover the secrets to finding your dream home in a competitive market – with that in mind, keep reading to find out more.
The first thing to do when you’re finding your dream home is knowing what ‘dream home’ actually means to you. You should start by creating a list of must-haves like how many bedrooms you need, how big the backyard should be, or how close it is to schools, and so on, as well as some nice-to-haves, like a separate home office space, parking, or a large shower, for example. When you know what you can’t live without, you’ll be able to narrow down your options – plus, if you’re flexible on the nice-to-haves, it can make all the difference in a competitive market.
Before you get started on house hunting, take some time to research the local market and look for current trends, check out recent sales, and basically get an idea of what homes for sale in your target area are like and how much they’re selling for. If you’ve got this knowledge, it’s going to give you an edge when it comes to making offers and you’ll be able to tell when a deal is a good one. Plus, it’ll help you spot red flags like overpriced properties and that could save you a lot of money.
In a competitive market, being prepared is so important, and getting pre-approved for a mortgage shows sellers that you’re serious and you can not only afford their property but you can move quickly too – ideal. In fact, it’s these kinds of things that can make your offer stand out, and that’s vital if the property in question is a popular one. On top of that, you’re not going to waste time falling in love with a house only to find you can’t get a mortgage for it, so it’s a wise move no matter how you look at it.
A good real estate agent is truly crucial when it comes to finding your dream home in a competitive market (or even in a slow one, come to that!) because they’ll know the local area, they’ll have access to listings before they hit the public market, and they’ll help you through the buying process, which can be long-winded and complicated if you’re trying to do it by yourself. When you’re looking for an agent, you’ll want one that understands what you need and want and is good at communicating and in that way you should find your dream home much easier and quickly.
In a competitive market even a little bit of hesitation can mean you lose your dream home to someone else, so if you find a place that ticks all (or at least most) of the boxes, make sure you’re ready to move fast – literally. You’ll need to have your mortgage ready, you’ll need to be able to contact your agent immediately, and you’ll have to be ready to make decisions quickly and carefully, which might be the hardest thing of all to do. Of course, you’ve also got to be careful because if you feel pressured into making a decision it might be the wrong one, and that’s why preparation is key – if you’ve got everything in place so that the final decision is all that’s needed, you’ll feel much more confident about the whole thing and you should be able to choose wisely.
If a lot of people are all after the same house, you’ve got to know how to stand out. We’ve already mentioned about having your mortgage in place, but on top of that, there are other things that you can do to help you get noticed and ideally secure the home of your dreams – and you might not have to offer more money to make it happen! One thing you could do is add a bit of a personal touch, like sending a letter that explains how much you love the property, or what about being flexible with moving dates to suit the buyer? It’s the little things that can make a big difference and it might be enough to get you your dream home.