Market Update

       This weeks market update is for those of you that are looking to buy a home now or in the next few months. As an active broker I am working with buyers and sellers on a regular basis. What I have see lately is an increase of buyers in the market. More homes are getting multiple offers which means as a buyer its likely that you will find yourself competing against other offers. So what can you do to increase your chances of getting your offer accepted?

1. Get pre-approved not just pre-qualified, there is a difference between being pre-qualified and pre-approved. A pre-qualconsist simply of a lender taking a look at your credit score and income and saying based on that I can pre-qualify you. A pre-approval is more in depth and typically includes having to be DU (digital underwriting) approved.

2. Putting down a larger good faith deposit or EMD. The larger the initial deposit the better, it communicates to the seller that you are a serious buyer that can close. Typically initial deposits are around $1000 but I recommend that you put down 2% to 3% of the purchase price if you can.

3. Be patient. In a competitive market finding a home can take some time. If you are not patient it can result in a knee jerk decision to settle for any house you can get rather than the best house possible for your money.

4. Don't ask for seller concessions, if you are in the position to close without a seller credit then I recommend that you do so. Asking the seller for a credit can send a mesaage that you are not a strong buyer and that you don't have the money necessary to close. In a competive market you want to come across as strong as possible, that can be the difference between getting your offer accepted or looking for months without success.

5. Be realistic. Enough said

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