The home buying competition

There are about 310 homes on the market in St. Paul and about 100 of those have offers on them. The shortage of homes for sale has become the new normal.

Buying a home is like a competition and I would like to offer a few pointers.

  1. If you have found this amazing bargain-priced house you are not the only one looking at it.
  2. Avoid overpaying. In the long run, you will regret paying too much. Let someone else pay too much.
  3. Current home prices are causing some people to re-evaluate renting. Sometimes renting for a while longer is the right decision.
  4. Be prepared to make an offer. Have your pre-approval letter ready.
  5. Do not wait for an open house to view a home for sale. See it the day it comes on the market. There might not be any open houses or the may already have an offer on it by the time the open house rolls around.
  6. Work with one agent.

Home buying has not yet become a contact sport but it isn’t unusual to see other interested parties touring the home you are touring.

Work with an agent who has the ability to help you make an offer on the spot. Speed matters. Avoid the agent who has the day job and the agent who only works certain hours or days.

Being a buyers agent isn’t a 9 to 5, five day a week job.

Serious buyers know that they may need to change their plans in order to see that perfect house the day that it comes on the market or before. Life happens but sometimes being flexible enough to meet friends for a drink a half hour later than planned can mean the difference between having a home to buy or losing out to another buyer.

 

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