Bidding Wars: 3 Tips To Get You Ready
With home inventory reaching record lows, the competition is INTENSE! Being prepared is the best way to get you ready for this and set you up to WIN! Here are 3 Tips to get you ready for the bidding wars:
Get A Pre-Approval– This is super easy and usually only takes a phone call and a short application. A lender will provide you with valuable insight into what you can afford based on your credit score, debt and income ratio. As well as interest rate, estimated monthly payment, and what kind of money down you’ll need. All so important to know before you buy a home.
Budget – Take a close look at your monthly income and expenses. Look for areas that your over spending and can cut back. Be prepared to cover more than your mortgage, make room for general upkeep and unexpected repairs. Doing this now, will help you save money for the down payment and a clear idea of your maximum offer price.
Bring Your Best– Start your search below your max price. Multiple offers on a property drive the price well above what it lists at. Bottom line is most important to sellers.
Being prepared will give you the confidence to make excellent decisions in these fast paced, high pressure situations. Hiring a professional realtor is a necessity!