5 Tips for Getting the Home You Want in a Competitive Market

Written by Posted On Friday, 28 March 2014 06:19

Everyone knows that the real estate market is always changing. Market conditions in one area might differ significantly from those in another, home values are always fluctuating, and no one can predict the future of the market with 100% accuracy. Some years are kinder to buyers and some are a boon for sellers. One thing is certain: buying a home is an intricate process. Here are five things that can help you buy the home that you want even if the market is competitive:

 1) Partner with a crackerjack agent. If you aren’t working with a real estate agent you’ve used before, do your homework when finding someone to help you in your home search. Get recommendations from trusted friends and family members and meet with the agent personally to see whether you think you will work well together. A good agent should be easy to work with, listen to your needs, communicate effectively, and have a good knowledge of your target market.

 2) Educate yourself. In order to understand the current market conditions in the area where you are searching for a home, it’s important to do your research. In addition to talking to your agent and learning about recent sales and current properties on the market, you should ask about the history of home values in the area and how long properties are currently staying on the market. This data will help you determine how quickly you might need to pounce and what you might face in terms of competition when a home you are interested in becomes available.

3) Get prepared. Being ready to make an offer is an enormous advantage to you when you suddenly find that perfect home. Getting a mortgage takes more time now than it has in recent years, so if you are even thinking about buying a new home, meet with a lender and start the pre-approval process immediately so that you will have your financing ready to go as soon as you need to make an offer. You’ll also want to prepare yourself emotionally. In a competitive market, you may not be able to present the most desirable offer. That’s okay. Just because your first offer isn’t accepted doesn’t mean there won’t be another opportunity waiting around the corner. Don’t get discouraged.

 4) Be flexible. Money is not always the most crucial factor when buying a home. You can present yourself as a buyer who shows flexibility on making repairs and upgrades if you don’t nitpick on a home inspection. Your timetable might also be important. Are you willing to wait while the seller finds a new home? Showing you can be flexible at closing can go a long way toward having your offer accepted over that of another buyer. Work with your agent to identify and highlight your areas of flexibility.

5) Know your strengths. Do you have enough cash on hand to offer a large down payment? Can you come up with a significant amount of earnest money that will be attractive to a seller? Weave your most compelling qualities as a buyer into your offer and your efforts may pay off.

Even if the current market conditions seem daunting, diligence and commitment can pay great dividends when shopping for a new home. If you’re thinking about buying a new home this year, get started right now for best results.

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Lillian Montalto

In May of 2000, Lillian established Lillian Montalto Signature Properties.

Lillian has been the #1 Agent in New England for the past 19 years. Lillian is the founder, broker and principal of Lillian Montalto Signature Properties at 34 Park Street, Andover MA.

Lillian has closed over $1.5 Billion dollars worth of real estate in her career. She also personally coaches several of America’s top real estate agents. Lillian has also been recognized by the National Association of Realtors as America’s #1 Female Real Estate Agent. She is active in several community activities including the Andover Montessori School, North East Builders Association. YWCA, YMCA, and North Andover Lions Club. Lillian is only one of 67 real estate associates nationwide to have achieved 8 educational designations. Her firm also is a member of Leading Real Estate Companies of the World, the #1 relocation company internationally.

Lillian has been a Brinton Super Star, a member of Bill Barrett's Top 50 and has been a keynote Speaker at NAR, the National Association of Realtors annual conference, and numerous Real Estate and Business seminars around the world, including Bali, Canada, Australia, New Zealand, South Africa, and the United States. She and her husband Bob, were recently recognized by Art and Antiques Magazine as being one of America’s Top 200 Art Collectors in 2 different categories; Primitive Art and Decorative Arts. Their home was recently featured in Boston Magazine, Art and Antiques, and the North Shore magazine. Their collections have been featured in Art and Antiques, Veranda, Shelter and various Wood Art Magazines.


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