1. Preparation is more important than ever. Buyers have to be more prepared than ever and ready to jump in when they find the right house. They need to have an intimate knowledge of the market where they are considering buying so they have the confidence to write the offer and they also need to be preapproved for a loan.
2. Get a real estate agent that is knowledgeable and skilled in your market. It is more important than ever to have a good agent on your side. Make sure that you are communicating with your agent on a regular basis and let your agent know about your deal makers and breakers to help you write a winning offer. Many buyers rely on the internet for sales prices and market information which usually lags a month behind the realty of the market.
3. Learn from prior experience and from watching the market. You need to be realistic about your wants and needs and what you can afford.
4. You can beat the competition if you’re smart. Finding your dream house may be just a matter of smartly identifying the right property hidden behind a few small flaws.
5. Keep an open mind on where to buy a home. The low inventory does not mean that you cannot find the right house. We have many wonderful communities in our area to choose from. The low inventory is creating pressure on some neighborhoods more than others. Discuss with your agent other options that are available within your criteria and explore these options.
6. Time is money. The market appears to be heading only one way and that is up. Buyers are likely better off buying this fall than waiting for 2014 in the hope that prices will settle down. All fundamentals point toward another robust year with prices increasing further.