It’s no secret that it’s tough to find a house these days, but you can still snag your dream home if you know how to go about it. Whether you’re considering buying or renting, check out this list of tips for bidding wars on your dream house!
1. Do your research
Before you even open the MLS listing for your dream home, you need to do your research. Talk to your real estate agent and ask them about the best homes in that area. Make a list of all the features you want, like near the park or close to work, etc., and search for all homes in that area that fit your requirements. Don’t forget to look at Zillow or Trulia too!
2. Look at available houses on a map
Get a map of the neighborhood where you want to live and look at it closely. Find out all the important landmarks like parks and schools. It’s also smart to check out traffic patterns on different roads, like commuting times or light/rush hour patterns.
3. Know how much your dream house is worth
Your real estate agent can help you look at comparable properties for sale in the area, and you can use this to determine what your dream house is worth. If it’s way overpriced, you may want to just wait until it hits the market at a better price. But don’t wait too long or someone else will snatch it up!
4. Find out where other buyers are coming from
Tap into your network of friends and family and see if anyone is looking for a home in that neighborhood as well. This will help you understand how many buyers are competing for each property.
5. Ask your real estate agent for help
Talk to your real estate agent and find out where their sources are located, if they have connections with other agents, etc. You may want to ask them whether they know of any properties that have recently come up for sale and whether they know what other agents think of the property.
6. Look at Zillow and Trulia too!
If you can’t find anything through your network or your real estate agent, then look it up online on Zillow or Trulia. This gives you a good grasp of how much the property is worth based on all the information you’ve found so far.
7. Make an offer right away
If you feel that the price is fair, then make an offer on it as soon as possible. Give your agent a deadline (usually within 24-48 hours) for them to get back to you about the status of the property. Tell them you’re serious and that you want them to get back to you right away. This will tell other buyers that your offer is serious too and that might be just enough to win you the house!
8. Don’t be afraid to negotiate
Sometimes the house might not be ideal for you, but if it’s the best one left then don’t agree to everything right away. Negotiate with your agent and ask them to find other options for you, like a better kitchen or better flooring. You still want to make an offer on the house, but you can trim some costs off of it and make your offer more competitive. This will give you a better chance of winning because now it’s worth more than the other offers!
9. Know your budget
You want to keep your bidding war in mind even if you’re not able to afford the home yet, as there are ways that you can cut costs without affecting quality. Ask your agent what their clients are spending on the home and find out if there are ways that you could work around that.
10. Know where to look next,
Once you win the house, be sure to check out other properties for sale in the area, as it’s possible they could be a better fit for you. Ask your agent for ideas and see which areas have been hit hard by harder economic times, or areas that have seen a recent influx of new people moving into town. Your agent can help you figure out which areas would be best suited for your family and lifestyle!
In conclusion, if you’re able to work with your agent and then make an offer as soon as possible, you might just come out on top after all. Your real estate agent can help you get information about the area, as well as the house itself. Don’t forget to look at Zillow and Trulia too; they can give you a good idea of what properties are worth in your area!