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The Competitive Real Estate Market: How to Purchase Your Dream Home

Today’s housing standards have improved, but the price of homes comes alongside them. Nowadays, dream homes seem to be just a dream and nothing more. Yet, more and more Americans are struggling to get one, and as home prices continue to soar, it could be impossible for you to get one as well.

However, experts believe that you can get to the home of your dreams without spending too much money with proper planning and strategy. The best part of it all is that these strategies won’t require the right timing, either.

The Challenge in Today’s Real Estate Market

Every year, there seems to be a problem with the real estate market. Now, the problem isn’t finding the right home for sale. It’s securing it. This year plenty of homes are for sale in the market. We just can’t seem to purchase one at the right price.

The rising home prices aren’t helping, either. Many experts believe that it’s better to rent as of the moment and wait until the market stabilizes, but that means leaving your dream home open for someone else to purchase.

You can’t do much about your dream home being up for sale to millions of Americans out there. But that’s what makes the market fair, after all. This is why the first strategy you should consider is to have a few more options available.

Have Other Options

Having other options available to you means you can be more prepared when someone purchases your first option. It also means having the means to tide off your disappointment.

Many real estate agents have found that disappointment is the first enemy of homebuyers despite the state of the market. Most buyers end up getting discouraged if they can’t get their first-ever chosen dream homes.

The suggestion of many agents is not to get too attached. There is a considerable chance that your first chosen home will not be yours, so make sure to have a plan B and C ready.

Go Mortgage Shopping

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The first thing you should do if you want to outmaneuver other homebuyers out there is to go mortgage shopping before choosing a dream home.

Mortgage shopping means looking for the right mortgage for your income level. You can have multiple pre-approved mortgages, but don’t get too much because it might affect your credit score.

Having multiple pre-approved mortgages means having different options. Some of these lenders might give you even more attractive options knowing that you have multiple mortgages in your name.

With this in mind, make sure you are well aware of your financial status going into the future. It’s always good to know how much money you can theoretically have ten to fifteen years ahead.

Have a Gap Closer

With homes reaching an average of $300,000 this year, it seems impossible to win deals without being reached. However, having a gap closer will undoubtedly help you get the deal for your dream home.

Gap closers are people who are willing to give you an extra lending hand during appraisal. It comes in many forms: assets, friends, and family members. Make sure to have at least two gap closers during an appraisal. Trust us. It makes a lot of difference during deals.

Personally Contact Sellers

Today’s competitive real estate market means you have to get in touch with sellers and make it personal. We’ll be honest with you, it’s not going to be easy, but it will give you an edge over other competitors.

A personal video that explains why you want to purchase their home can make a huge difference. Moreover, going on a personal meeting with the sellers to discuss prices and rates and how much you are willing to raise the bar can ensure that you can get the deal you want.

Build Your Own

If you’ve done the strategies above and failed to secure your dream home, that may be a sign for you to build one instead.

Home prices are high, and if you build your dream home smartly, you can avoid paying the same median home price we’ve indicated above. Purchase a cheap lot, and build your home slowly but surely. It’s the safest bet to get your dream home, and the best part is that no one is going to compete for it!

Building your own dream home is one of the best strategies right now if you want to bypass the costs and competition. If you do it right, you should be able to save more money than other homebuyers.

Final Thoughts

It’s a competitive market out there. But if you play it smart and follow the tips we’ve given you, you should be able to secure your dream home in no time.

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