Home buyers have faced a tough road in recent years, with limited inventory in the towns on and around the Patriots' Trail making the hunt for the perfect home challenging. And once you do find that gem, how do you make sure your offer stands out? We asked our expert agents for their top tips on securing your dream home. Here are the four essential ingredients they recommend:
1. Experienced Team
In today’s market, having seasoned professionals on your side is more important than ever. Choose a real estate advisor who knows your target towns inside and out, collaborates well with other agents, and understands your home needs. Their deep market knowledge and connections will help you access new listings first and gauge interest levels accurately. But finding the home is only the start of the journey! They can also uncover key factors beyond price that might sway a seller, like a quick closing or extra time to find a new home. Once your offer is accepted, they will keep working to ensure the transaction runs smoothly, liaising with inspectors, appraisers, attorneys and lenders to stay on track and complete the purchase on time. Your agent can recommend the best professionals in each of these fields to complete your home buying team.
2. Solid Financials
Understanding your financial capacity is crucial for making a successful offer. While getting pre-approved for a loan is a good start, go a step further and know how various offer increments ($5k, $10k, $50k) will impact your monthly costs. Talk to your agent to understand what other costs you might need to allow for and adjust your budget accordingly. Be ready to show proof of any enhanced deposits and clarify which funds are refundable if the deal falls through. And if you are house-hunting for a while, be aware that any changes to your financial situation can impact your pre-approval – so check with your lender before taking out that car loan.
3. Realistic Expectations
In a competitive market, some compromises are inevitable. Distinguish between your ‘needs’ and ‘wants.’ Maybe you want a 4-bedroom home to have an office, but could a 3-bedroom with a converted space suffice? You might prefer a move-in-ready home but could accept minor renovations for the right location. By refining your wish list, you can consider more options. Look at homes below your price point and think about potential improvements. An experienced agent can help you see beyond the current décor and layout to envision your dream home.
4. Patience
Patience is often in short supply, but it’s crucial for home buying in all markets. Alongside managing expectations, good agents will remind you that securing your new home may take time and multiple offers. Don’t be disheartened if your first offer isn’t accepted; it’s part of the process. Stay focused on the next opportunity. Your persistence will pay off, and once you’re settled in your new home, those missed chances will be forgotten.
Crafting the offer that wins your dream home isn’t an exact science, but with the right ingredients, you’ll have the recipe for success! Start your homebuyer journey with a Barrett Sotheby's International Realty agent today.
