When You Want to Win - How to Play Strategy as a Home Buyer in the Spring Market 2021

Written by Posted On Monday, 05 April 2021 00:00

“I watch other teams and ask myself, ‘What makes them win? Luck? Scheme? I’m constantly thinking of how to be better.” NIT Champion University of Memphis basketball coach Penny Hardaway

The spring market in 2021 is running hot right out of the gate.  Inventory of homes available are fewer and mortgage rates are still a little lower than the beginning of April last year. It's a terrific market for home sellers because of the ease of selling higher. It is an excellent win for homebuyers because they can lock into a fixed-rate mortgage rate that keeps their payment affordable.  If you are a homebuyer in this market, get teamed up with a very reputable realtor and mortgage lender.   With some persistent grind and savvy strategy from you and your realtor-lender team, you can win in this market. 

University of Memphis Tigers basketball coach Penny Hardaway said in an interview last week after Memphis won the NIT championship, "I watch other teams and ask myself, 'What makes them win?  Luck? Scheme?' I'm constantly thinking of how to be better."

Here are some strategies I see buyers using to get their home purchase offer accepted over multiple offers—being better is not always about price.

1. Get a very strong preapproval letter from their lender.  Having a local lender that people know can work in the buyer's favor.
2. Try to get a preapproval letter with the least number of contingencies.  If you know you will sell your current home later, go ahead and get mortgage approval qualifying with both the new mortgage payment and the old one, so your offer is not contingent on the sale of your home.   Lenders can help you find money to use for down payment until your old house sells.
3. Be flexible on the possession date. The sellers may feel better knowing they can stay in their home a few days after closing and take their time moving.
4. Be willing to pay up to a certain dollar amount for repairs on the home you are buying. 

These are just a few of the strategies buyers can use with their realtor-lender team because it is not always the highest price that wins. Many times, it is the surest offer.  

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Jo Garner

“Whatever YOUR personal priorities are, my job is to help you get the mortgage terms that will give you bragging rights when you talk about it and help you score on hitting your goals.”

As a mortgage loan officer, my job is to help you get to the benefits you want from your financing terms. What is most important to you? I can help you find the financing terms that will help you get to what you want.  What is your comfort level on a house payment? How much are you comfortable paying down,? What type of financing do you need to get the house you want to buy or refinance?

Different clients have different priorities in life—some are buying their first home with very little down payment funds. Some are recovering from medical challenges, divorces or preparing to send children to college and some are embarking on a long term goal of buying properties to build rental income.”

Jo Garner is a mortgage officer with extensive knowledge in tailoring mortgages to her customers who are refinancing or purchasing homes all over the country. She offers conventional, FHA, VA or other loan programs for refinancing and purchases.

Jo can help you look at rent vs buy, when it makes sense to refinance, how to get the best deal on your home purchase financing.  

Jo Garner has been in the real estate/financing business for over 25 years.  She got her start in Portland, Maine where she first began her real estate career. She received her real estate education from the University of Southern Maine and was personally mentored in San Diego, California by Robert G. Allen, author of Nothing Down, Creating Wealth and The Challenge

On moving back to West Tennessee in 1987, she went into business buying and selling discounted owner-financed notes secured on real estate.  In 1990 Jo went to work for a residential mortgage company and has been a mortgage loan officer for over 25 years.  Her goal is to offer excellent, affordable service to her customers, tailoring the loan programs to the specific needs of her clients.  

In addition to her work in the mortgage field, Jo Garner is the primary sponsor and founder of Talk Shoppe in Memphis. www.TalkShoppe.com Jo Garner also host the radio show Real Estate Mortgage Shoppe airing on News Radio AM 600 WREC and iHeart Radio with podcasts and show notes published on www.JoGarner.com  

www.JoGarner.com

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