The cutthroat pandemic-fueled home-buying frenzy is over, but affordability and inventory remain an issue. Here are four ways buyers can boost their odds of getting a house this spring.
The cutthroat pandemic-fueled home-buying frenzy is over, but hopeful home buyers shouldn’t expect an easy process this springThis browser does not support the video element.
Bidding wars for homes are becoming less common, and homes are staying on the market longer, agents say. There is also less competition, with investors buying fewer homes last quarter than they have in years.four ways buyers can boost their odds of getting a houseBuyers should find out what the seller’s pain points are and see how they can address them, says Ben Dixon, a real-estate agent in New York City.
Price is generally at the top of most sellers’ lists, but there are other ways to make an offer attractiveIf a seller has an open permit on a home renovation, the buyer might offer to finish the job.This browser does not support the video element.. Buyers should aim for a down payment of 20%. A cash offer is king, but for many, it isn’t viable.
. This can be very attractive to a seller over a simple preapproval letter that hasn’t gone through the lender’s underwriting process yet.If buyers can’t find what they want on the market, their agent can inquire with owners who took their properties off the market this fall, says Kimberly Jay, a real-estate agent in New York City.Zillow listings show when a home might have been previously listed
. Consider homes that have sat on the market for more than two months and offer a discount, says Lawrence Yun, chief economist at National Association of Realtors.Some home-buying companies that buy and flip homes with the help of algorithmsThis browser does not support the video element.. Some owners would rather sell their home at a profit to avoid losing everything to a foreclosure auction, says Rick Sharga, chief executive of CJ Patrick Company, a real-estate consulting firm.
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