What Are The Top Ways To Win A Bidding War?

Posted in Real Estate Tips by Michigan Real Estate Expert on June 9th, 2021

What Are The Top Ways To Win A Bidding War?Right now, there are not a lot of houses for sale, as inventory and new home construction continue to lag behind buyer demand. In addition, low mortgage rates are accelerating demand, meaning that in many situations the sellers are receiving multiple offers. Therefore, it is important for potential buyers to do everything they can to win a bidding war. What are a few ways buyers can give themselves an advantage?

Get Pre-Approved For A Home Loan

The first thing interested buyers need to do is to get pre-approved for a home loan. Because many sellers have options, they might be more willing to take a cash offer because they know the money is going to be there. In order for potential buyers to compete with cash offers, they need to get pre-approved for a home loan, which tells the seller that the buyer has already been approved for a home loan by the lender. Getting pre-approved can make buyers more competitive.

Present The Best Offer First

Because many properties are receiving multiple offers, buyers need to be ready with their best offer at the outset. If they can convince the seller to forgo listening to other offers, they have a better chance of securing the home. Therefore, buyers have to work with experienced professionals who can help them figure out what their budget is, what comparable homes are selling for, and how they can make a competitive offer that could convince the seller to say yes quickly.

Act As Quickly As Possible

Finally, buyers have to be ready to act fast. Properties are not staying on the market as long as they once did. For example, one site says that homes are spending 20 days fewer on the market now than they did one year ago. Therefore, buyers do not have time to wait. If they have trouble getting their work schedules set, traveling to the area, or lining up a showing, the home could be off the market by the time this is done. Buyers must act as quickly as possible.

Get Ready To Win A Bidding War

These are just a few of the most important steps buyers need to take in order to win a bidding war. While the market is hot, it is possible to find a home at a fair price.

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Buying A Home Virtually

Posted in Real Estate Trends by Michigan Real Estate Expert on November 10th, 2020

Buying A Home VirtuallyDuring the past few months, everyone has been going through unprecedented times. Every industry has been impacted and this includes the real estate sector. There are lots of people who are still trying to buy and sell a home during an era of social distancing. This can make it hard to look at a prospective property in person. The good news is that there are still ways for people to buy a house virtually. There are a few tips that everyone should keep in mind. 

Go On A Virtual Tour

Of course, everyone wants to take a close look at a home before they decide to buy it. Even though it is challenging to schedule live tours, virtual tours can still be helpful. With virtual real estate software, it is possible to take a virtual, walking tour the home. Furthermore, if tours have been recorded using drones, then a virtual tour might provide everyone with a new perspective on a potential home. 

Ask The Right Questions

It is important for everyone to make sure they ask the right questions. Even if someone is not going on a  tour of a home in person, it is still important to ask the same questions. For example, ask about the age of the roof, the age of the HVAC system, and other pertinent questions to the property. This will help everyone make sure they understand exactly what they are buying. 

Know What Is Not Seen Virtually

When it comes to asking questions, it is also important to think about items that cannot be seen virtually. For example, it might be difficult to judge noise levels outside of the home from a virtual tour. It might also be challenging to figure out where puddles tend to form during thunderstorms. These are important topics that have to be discussed as well. 

Prepare Early To Buy A Home Virtually

Even if people cannot see a property in person, the real estate market can still be relatively active. Therefore, anyone who is looking to buy a house in this market has to make sure they stay on top of their information. This will help them remain competitive when they are trying to buy the perfect house for their needs.

 

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4 Ways COVID-19 Has Had An Impact On The Home Lending Process

Posted in Real Estate by Michigan Real Estate Expert on October 8th, 2020

4 Ways COVID-19 Has Had An Impact On The Home Lending ProcessThe COVID-19 pandemic has impacted everyone and this includes the real estate industry. One of the biggest impacts that this pandemic has had involves the home lending process. Because many people are looking for ways to buy a home while engaging in proper social distancing measures, the industry has had to adapt. Learn more about some of the changes the COVID-19 pandemic has forced on the home lending process.

Homes Are Getting More Affordable

The demand for homes right now is high; however, homes are still more affordable than they have been in the past. Lenders are trying to find ways to encourage people to purchase homes because they have seen a drop in their business as well. As a result, many lenders are willing to provide potential homeowners with great offers and opportunities to purchase a dream home.

Online Applications Are Becoming More Common

Next, online applications are becoming more common as well. In order to help people buy a home while still engaging in social distancing, it is possible to complete the home application process online. This is usually provided through an intuitive system that provides clear instructions on what has to be submitted for the application process.

Buying Power Is Going Up

Because many homeowners and potential home buyers are realizing that now is a great time to buy, they are learning that they have a lot more power. They might be able to afford a larger home or carry out a home improvement project after buying their home. This provides more flexibility for homeowners.

Refinancing Is Becoming More Common

In addition to changes in the home buying process, there are changes taking place in refinancing as well. Many current homeowners are realizing that they have a unique opportunity right now as well. As a result, they are taking advantage of the opportunity to complete a refinancing deal to save money.

Home Lending Is Changing

These are just a few of the major changes that have taken place in the home lending process due to the COVID-19 pandemic. Anyone who owns a home or is thinking about buying a home should consider looking at their available options as well. There could be opportunities to save money.

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