5 Great Tips That'll Land You Your Dream Home

Today's housing market has changed quite a bit recently. Even though the market, as a whole, seems to look stable there are still steep prices and a lot of competition. According to the latest market data, the average price of a home has skyrocketed well over the $250,000 mark. Not only that, but the number of available homes for sale have continued to sell at an amazing rate.

Because of this, the market is a hot place to be right now for a seller. But if you are on the other end of the stick and are currently on the hunt for the perfect dream home, you might want to start your hunt now before you get some unwanted competition.

In order to take great advantage of the housing market and obtain your dream home, follow these 5 great tips that we have listed for you below.

1. Expect Another Buyer To Make An Offer

With a huge demand for housing and the number of sellers decreasing, it might take you up to a year before you find a home for sale. Because of this, you need to be sure that you are prepared for the long wait.

When you do finally find a home, expect to see several other offers from prospective buyers. Not only does this have the potential to ruin your dream of homeownership, but it can make negotiations difficult when there are several other offers on the table. So don't plan on moving quite just yet. If your current housing situation warrants a quick move, then you better get the ball rolling now.

2. Secure Home Financing First

Today, it has become necessary for any potential home buyer to obtain at least pre-approval from a lender to buy a home. If you don't, you can expect a seller to move on to the next buyer. Would you blame them? They want to hurry and sell their house and they have to wait for you to get the money? Today, they will have competitors lining up with the money in hand already.

3. Stick To The Asking Price

A lot of buyers, when shopping for their first home, don't have a true understanding of home values or fair market price. That's why you should always give your best offer as soon as you come across the available property. If you do, chances are you will have a home secured because the seller will most likely take a little less than his asking price. The reason for this is because they usually have their asking price a little higher than the fair market price.

As we all know, each area's market is going to vary, so your best bet to get the best price is be in touch with your real estate agent to comparison shop. They can easily compare neighborhood prices to get an average home price.

4. Keep Contingencies On The Low

Unless you intend to buy your home with cash, your lender will tack on contingencies prior to purchase. Although these contingencies protect you as the buyer, they can be a real turn-off for sellers who are in a hurry to sell.

As a buyer, you can stand out from the crowd by allowing fewer contingencies to your offer. So go ahead and shorten the list by getting rid of the ones that are no big deal to you.

5. Waste No Time

If you are serious about buying, then you should know that sellers are also serious about selling, that's why you shouldn't waste any time. It is not uncommon for a seller to list their home on Friday, show their home on Saturday and Sunday, and begin to review any and all offers that Monday. This gives you only a couple of days to see the property, check with your agent concerning it, and to have an offer on the table by Monday.