Are you planning to buy a home in Maine?
tips for buying a home in a seller's market
Are you hoping to purchase a property in Maine this year but feel nervous about the news surrounding real estate? Knowledge and preparation is key. I have a few tips to share for those thinking about jumping into this fast-paced market. Despite what some national news sources may report, the Greater Portland area is still experiencing a strong Seller’s market with increasing prices and high demand. But don’t despair! If buying a home is still your goal for this year, it’s possible.
how to buy in a busy real estate market
I cannot overstate how important it is to have an experienced real estate professional in your corner. We know the ins-and-outs of what is happening locally, and can help you put your most competitive foot forward when writing offers. A trustworthy real estate broker and credible local lender will carry you far in this process.
You’re ready to buy a house! What happens next?
3 Tips for Buying in a Seller's Market in Maine
- Talk to a local lender and get pre-approved. Nothing can happen until you do this. Believe me. It takes some time and commitment to get things lined up and a pre-approval in-hand but I can guarantee that if you start looking at properties before you complete this step, you will find a house that you love and will not be able to write a timely offer. The best use of your time is to prepare first, and then to look at properties when you have a comfortable price range to consider and a lender waiting on the sidelines. Lenders are constantly rolling out new loan products to accommodate buyer need, and there may be a loan available that makes buying now more appealing depending on your unique financial circumstances..
- Clear your calendar. Looking for a home to purchase in a busy, competitive market is a commitment! Be up front with your broker about your availability to look at properties. Sometimes this must happen quickly, within 24 hours, to have a chance. While some Sellers set offer deadlines and stick by them, letting as many Buyers through as possible, this is not everyone’s strategy. Let your broker know if you have travel plans or scheduling restrictions as you begin your search so that everyone is on the same page.
- Look at homes priced lower than your max. You’ve done the prep work and are pre-approved! It’s important to know that in a strong Seller’s market, Buyers may bid up 10%-20% on properties that are priced appropriately in desirable locations and it’s wise to start looking in price points lower than your max amount. In a shifting market, this can change so it’s important to keep in close contact with your real estate broker about what is happening as interest rates fluctuate and changes occur in the local market.
Buying a home is an exciting experience. Lean on the people you’ve hired to help as you navigate the fast-paced market and find your way to your next home. Reach out to me to start the process!
