How to Win in a Hot Housing Market
This week on the Eastbrook Home blog post, we are wrapping up our Spring Series on buying and selling a home in the hot market. We have talked about getting ready to sell, setting up your home to show it, and starting your search for a new home.
This week, we will be wrapping it all up with a big picture overview and we will touch on the most important subjects. Whether you are buying or selling your home, a little knowledge can go a long way toward making the process of working toward your dream home more enjoyable and less stressful.
Here are some of those steps.
1. Prepare ahead of time
First, get your finances together. Putting a big down payment together can make a lot of the process better in many ways. But that’s not the only thing you can do to get ready.
Second, improve your credit report even if it is already in good shape. Get a copy of your report and ensure there are no mistakes on it. Pay off any debts, such as credit card balances, that can help improve your score.
These few steps can help lead to a smooth transaction.
2. Get any Related Paperwork Together
You may need to prove things like sources of income, assets, savings, and investments. Since some of those papers aren’t needed often, they may be tucked away for safekeeping.
Gather up any W2’s, 1099’s, bank statements, and proof of liquid assets. Include any rent or employment history, proof of income from pensions, or payments such as alimony or other loan debt.
To make things easy, pull all of that information together ahead of time.
3. Find a Realtor to Work With
An experienced realtor can help with so many things. They will know the markets, how to find the home you want to buy and the best way to sell the home you have. A good realtor will help you find your way through the most difficult paths in a tough real estate market.
A realtor can also help you put together a great offer on your dream home and help with the bidding process in general. Although the variety of Internet-based tools make it tempting to work alone, there is no substitute for the assistance of a good real estate agent.
4. Do your Research.
Be prepared for the hunt. Research the neighborhoods that match your lifestyle or put your kids in the school district you desire.
Also, decide what features you want most in a home. Make a list of the options, floorplan, or features you want, or need most in your dream home. It’s easy to get caught up in an emotional reaction to a beautiful home and overlook the things you need most for your own comfort or the comfort of your family.
5. Work with a Local Lender
Working with a local lender can help make your home purchase easier due to the local relationships they develop. A local lender can make your home purchase easier by speeding up transactions, and prioritizing your issues, and helping with bidding wars.
A national lender might not treat your transaction with the same priority that a local lender will, so find one with a good relationship to make your purchase easier.
6. Consider Other Options Too
If purchasing a home does not fit your needs or the process seems overwhelming, there are other options available. Especially when the housing market is so hot that homes sell overnight.
If buying a home doesn’t seem like the best option, building a home may be the better choice. Click Here to visit our Market Transparency page for current build times and market updates.
By building new, you gain a home with all the features you want without compromise. You know what your costs are and won’t be caught in a bidding war that can drive up the price.
The financing process is streamlined because Eastbrook carries the cost of construction while building the home. You will also have the advantage of working with one of Eastbrook’s Lending Partners, who can help make the process of purchasing your dream home smooth and simple.
For more information, please reach out to one of our Expert Sales Agents and get the conversation started. Let us show you all the ways Eastbrook Homes always gives you more home for your money.
If you are interested in learning more about this year’s Spring Market and how to win at house hunting, please check out the interview below with Sales Agent, Kurt Suidinski.
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