There’s no doubt the real estate market is tough for buyers this year.
With many people hoping to lock in still-low rates, house prices are on the rise and fewer homes are for sale.
But there are a few simple things you can do to make the home-buying process easier and get into your dream home sooner.
Follow these tips to be a successful buyer in a seller’s market:
- Get your finances in order.
Speak to Commerce Bank of Wyoming to get preapproved before you start looking at houses. Getting preapproved not only saves you time in the house-buying process, but it also makes you a “preferred buyer” in the eyes of a seller since you already have your financing locked in.
- Keep an open mind.
Don’t judge a listing by the photos. If the property is in the right location at the right price, it’s worth a walk-through. When viewing a home, don’t get hung up on things that can be easily changed, such as paint color or carpeting.
- Make your best offer.
If you’re buying in a competitive market, be ready to move fast when you find the home you want. By doing your research and working with a real estate agent you trust, you can be confident your offer gives you the best chance of success.
- Write a personal letter.
By introducing yourself and your family to the sellers and explaining why you want to buy their property, you make your offer more personal. Explain how much you’ll love the property and consider including a photo, too.
- Be ready to compromise.
The better your terms, the more attractive you are as a buyer. This means, when possible, you might want to be flexible about contingencies, such as avoiding large repair requests after the inspection and changing the closing date to accommodate the seller.
Ready to begin your home-buying journey?
Contact Maggie Smith, Mortgage Lending Specialist at Commerce Bank of Wyoming by calling (307) 362-4455 or visit CommerceBankWyoming.com/Mortgage.
Maggie Smith, Mortgage Lending Specialist, #NMLS 517133.
Commerce Bank of Wyoming, a Branch of NebraskaLand Bank, NMLS#442103. Member FDIC and Equal Housing Lender.
