The current housing market is filled with first time home buyers looking to buy their dream home. Unfortunately the housing inventory is currently low in Maryland creating a more difficult buying market. Most of our clients are finding themselves in multiple bidding situations on the homes that they would love to purchase.
Since housing inventory is low often other home buyers are also interested in buying that same home. If you are a home buyer in the market looking to buy your dream home it can help your efforts if you follow these 6 tips on getting a ratified contract to purchase the home that you like.
Tip 1- Choose a top notch Buyer's Realtor: Many Realtor's are available to hire to help you find your dream home. However, many Realtor's are in the business only part time in addition to their full time job doing something else. A top notch full time working Buyer's Realtor will be able to help you considerably more in finding your dream home. For more detailed information about the benefits of hiring a Buyers Realtor click here to be directed to our company website.
Tip 2- Make a strong offer: Although most home buyer's hope to get what they consider is a great price on the home they buy, today's market is really making that difficult. Offering lower than the asking price is becoming more difficult if the seller is receiving multiple offers on their home. A great Realtor can help you determine what a strong offer is on a home. If you really love the home that you found and their are multiple bids from others on the house the current market is pushing home buyer's to make strong offers if they are to have any chance of buying it.
Tip 3- Should I use down payment assistance?: Their are various down payment assistance programs available in Maryland. However, those using one can sometimes find themselves in a less favorable position to buy the home from a seller who has multiple offers to buy the home. The reason for this is that these programs can result in a longer settlement period and home sellers are being advised about this by their Realtor's. If a seller has 3 offers on their house at the same price and two of those are from people that are going to use a down payment assistance program while the other is using their own cash for a down payment, the seller may choose to go with the buyer using their own money feeling that the process will go much faster. Unfortunately, this scenario does play out in the current housing market. This is not to say that you can not successfully buy a home using down payment assistance. You can go to our company website to learn more about Maryland down payment assistance programs.
Tip 4- Be persistent: If you are serious about buying a home this year devote appropriate time to get out there and look at homes. If you find the home that you want then push and work hard to put in a strong offer to buy it. Your Realtor can help you put together what they feel could be the winning offer.
Tip 5- Include a personal letter with your offer to the seller: This personal touch often helps to warm the seller to your offer. Write a letter about yourself and your family expressing your love for the seller's home. Tell them what you love about it and why you really want them to strongly consider your offer.
Tip 6- Use an experienced fast loan closing Lender: An experienced fast loan processing Lender can help you in your efforts to buy your dream home. Seller's and their Realtor's are looking for a fast seamless settlement. An experienced well staffed Lending company can meet the demand for this. Seller's Realtor's often call the lender you have chosen before deciding on accepting your offer. They have the Lender information on the pre-approval letter attached to the offer you are making on the house. If your lender tells them that it will take 45-60 days to settle while the other buyer's lender says just 3-4 weeks your offer then becomes less attractive.
All of the above factors are important to consider if you are looking to buy a home in the current housing market. If you are looking for a great Lender we would gladly help you with financing your new home purchase. Just email us or give us a call: Email 443-943-6486
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