Today’s Housing Market Feels Like the Hunger Games for Buyers. Here’s How to Compete.
Make your offer stand out in today’s scorching hot real estate market
The housing market is red hot. Prices are up, inventory is way down, and buyers are making wildly speculative offers in order to win bids.
Whether you call it a bubble, crisis or just plain crazy, the current real estate market mania is unlike anything we’ve seen before. Sellers are firmly in the driver’s seat, and buyers are out of luck unless they’re willing to resort to drastic measures to nab a home.
Indeed, it’s not uncommon for buyers to make offers that are $20,000-$100,000 over the list price, all in cash, and without any contingencies, including a home inspection.
So what’s a prospective home buyer to do?
How to compete with cash offers
Start with the basics. Get prequalified with a lender before you go house-hunting. Sellers don’t want to wait for you to go through the mortgage application process. With a prequalification letter accompanying your offer, a seller will know you can get the deal done fairly quickly.
(Note: Preapproval and prequalification aren’t the same thing. Preapproval is a more…
