If you have been looking for a house in this market, you will certainly know that buying a house now is a split second decision. Long gone are the days of waiting it out, and seeing what else comes up on the market and thinking about putting an offer. Chances are if you do, you already lost the house to the next person looking at the property.
Buying a house is one of the biggest decisions you can make, and while, I do not downplay that fact, the simple truth is that there is just simply not enough inventory out there. Surely in the coming months there might be a lot more houses on the market when the whether heats up but for now, it is go time for buyers.
So what does it mean to buy a house with no time at all to weight the pros and cons for days at a time? It means going to see a property as soon as it comes out, and for me as an agent, having my iPad and paperwork ready to put an offer on this house. In some cases, if they are accepting offers next week, we must try to bully the offer date or make our offer better than waiting for next week for the sellers, and possibly walking away from this house. It means no financing clauses, and no home inspections. It means even with that getting into a bidding war on the first day a house is released. It means putting an offer in, higher than the listing price. (Disclaimer, there are ways around getting a financing clause, and home inspection in, and still removing the clause. Contact me directly for my strategy)
Unfortunately this is the result of too many buyers, low interest rate, and not enough inventory. If you do not jump on the house, then if you delay, the house in most cases will be gone, or you will be in multiple offers right away. Sometimes the early bird gets the worm.
So there are a few things you as a buyer can do to make this decision a bit easier and move the thought process faster.
1. Have a list of criteria that you want for the house.
2. List the possible renovations that need to be done.
3. Price out things that must be renovated now.
4. Find out how much you might get for your house.
5. Get a Walk through home inspection.
6. Get a Pre Approval for your financing.
7. Set up a strategy for each house you enter.
8. Figure out how much you really want this out.
9. Figure out how much you really want to pay for this house you are looking at.
10. As Soon as you go through the house, do you see yourself living in this house for 5-10 years?