Purchasing a home can feel a little overwhelming to some people, considering all the facets involved: Arranging financing, finding a home that meets your needs in a location that you like, negotiating an offer that both parties find acceptable, and completing the required documentation for transferring real property, among other things. When it becomes a “seller’s market” as we’ve seen lately, there are a few other considerations to keep in mind when searching for homes for sale in Vacaville or homes for sale in Fairfield.
A real estate market with low inventory and high demand tends to cause home prices to increase. With more potential buyers than homes for sale, sellers can demand higher prices and will often receive multiple offers, allowing them to be more discerning when deciding which offer to accept. There are some steps you can take, though, to increase your odds of getting your offer accepted (or know when to walk away).
First things first – Unless you’re making a cash purchase, you’ll want to speak with a lender… or two or three (rates often vary between lenders). This will not only tell you maximum loan amount you can qualify for, but also give you an idea of what your monthly payments will be. Your lender can also help you determine the taxes and insurance you can expect to pay in addition to the mortgage payment to determine what you can comfortably afford. Ask your lender to provide a preapproval letter to you to show to sellers to let them know you are in a position to complete the purchase. Make sure to make the proper arrangements when looking for homes for sale in Vacaville or homes for sale in Fairfield.
Finding a home that meets all your wants and needs at the price point you’re considering can be a challenge, even with plentiful inventory. With reduced choices, you may need to determine your needs and compromise on the wants, at least for now. For instance, you may need a two-car garage and large back yard and you’ve found a home with those features. It doesn’t have the covered patio you want, though. But you can add a patio cover later and with much less difficulty than trying to expand the garage or back yard.
Once you’ve identified the home that checks all (or most) of the boxes, you should plan on moving fast. In a seller’s market, homes are rarely available for long and you will likely be competing against other buyers who are eager to present their offers as well. This is where the lender’s preapproval letter will come in handy. Make sure a copy is included with your offer to let the sellers know you are a bona-fide purchaser. Homes for sale in Vacaville and homes for sale in Fairfield go quick so be ready!
It’s a natural tendency for most of us to start with a low offer and negotiate to a middle ground. That’s not likely to work in this case. You should start with your best offer from the beginning when dealing with homes for sale in Fairfield and homes for sale in Vacaville during seller’s markets, as it’s likely other prospective buyers are, too. In some cases, you may not have the top bid, but there are some other things you can do to make your offer stand out, such as limiting contingencies or being flexible with the move-in date if the seller needs it (and you can accommodate it).
Piece of cake, right? If you’d like some help navigating though the process of buying a home in a tight market, contact one of our experienced Realtors at Community Real Estate Services. We can help with every step, from finding the right lender, preparing the best offer based on your circumstances and market conditions, and managing the transaction through the close of escrow. And if you’re still on the hut for that perfect homes, browse our homes for sale in Fairfield and homes for sale in Vacaville.