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Ryan A. Singh's Blog

By Ryan Singh | Agent in La Jolla, CA

How to be a Competitive Buyer

While many markets are still struggling, it is not the case for all of them. There are still many desirable neighborhoods that have healthy inventory levels and conditions that draw in multiple offers. Here's some ways that you can be a competitive buyer in these booming markets.

First of all, be ready to buy and know what your objectives are. Have a clear budget with boundaries of what wiggle room you will have. Know what amenities are must-haves and what things you can do without. With a clear plan of action, you will be better able to know a good deal when you see one and act on it. Any sort of hesitation can cost buyers their dream homes even if its just spending "one night to think about it" or going "to see what else is out there." Just one day or night can mean missing out on the ideal house altogether.

Second, be positive that you are pre-qualified and pre-approved for a loan. Be ready before even stepping into the seller's home. You wouldn't want to put in an offer on your dream home onlyn to find out that the financing has fallent through. Lending is tight right now and you may not qualify for as low of an interest rate as you might think. Others may not even qualify at all! After you are pre-qualified or approved, be sure to stay in contact with your lender, so that there are no surprises when it comes time to make an offer.

Throughout the entire process, communication is key. Be sure to keep in contact with your agent about new listings and showings in your area. New homes are constantly entering the market and in hot neighborhoods, they aren't for sale long. Even waiting just a few days can cost you losing a home to another buyer.

Next, bid competitvely. Use your agent's access to market stats, which show how much similarr homes have been selling for. By comparing other homes, you may be able to come in a little under list price and still be competitive. Or, the home may already be underpriced and in order to beat out other offers, you may need to offer more than the list price.

Finally, stand your ground and stick with what you're comfortable with. Don't lose sight of your goal of finding your ideal home with a desirable price. Stay within your original budget by not getting caught up in the excitement of a bidding war. By following this advice, you'll be signing the dotted line and living in your dream home in no time!

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