Home shoppers are increasingly facing steep competition for the limited number of homes for sale<\/a>.<\/p>\n \u201cAttempting to purchase a house in this type of market can make the already complex process of buying a home even more overwhelming,\u201d the National Association of REALTORS\u00ae notes in a recent release.<\/p>\n Read more<\/strong>: Bidding Wars to Heat Up This Spring<\/span><\/p>\n<\/blockquote>\n NAR offers up five suggestions for home buyers navigating today\u2019s competitive market:<\/p>\n 1. Stick to a budget.<\/strong><\/p>\n Have buyers get preapproved by one or more lenders<\/a> to ensure eligibility. Be sure to also take into account extra costs of homeownership, such as taxes, utilities, and insurance<\/a>. \u201cWhen listings<\/a> are scarce, bidding wars can drive up prices, so buyers must be prepared to walk away if the asking price surpasses their budget,\u201d according to NAR.<\/p>\n Buyers likely will need to compromise on their wish lists when competition is tight. For example, buyers may have to compromise on amenities like stainless appliances or hardwood flooring, which can always be added later. \u201cHowever, if a buyer wants to be in a specific school district or have a decent-sized backyard, those cannot be addressed later and must be taken into account during the house hunting<\/a> process,\u201d according to NAR\u2019s tip sheet for buyers.<\/p>\n 3. Be prepared to make decisions quickly.<\/strong><\/p>\n Homes rarely stay on the market long in a seller\u2019s market. Buyers should not hesitate when they find a house<\/a> that matches their needs within their budget. Submit offers quickly.<\/p>\n 4. Make bids competitive.<\/strong><\/p>\n A low offer<\/a> as a starting bid won\u2019t likely work in a seller\u2019s market. Buyers need to be ready to put forward their highest offer from the beginning or they may lose the home. In multiple bidding situations, the highest offer doesn\u2019t always win either. But the bid with the fewest contingencies often becomes the most attractive to sellers. \u201cRemoving restrictions related to the sale of a current home and being flexible with things like the move-in date can make a bid stand out to a seller,\u201d NAR notes.<\/p>\n 5. Find a REALTOR\u00ae.<\/strong><\/p>\n Buyers may need to be reminded about the importance of working with a real estate<\/a> professional. Real estate pros are familiar with the areas and neighborhoods in the local areas. \u201cThey can give buyers the competitive advantage needed in a tight market,\u201d NAR states.<\/p>\n Source: realtor<\/a>.com\u00ae<\/em><\/p>\n<\/div>\n [ad_2]\n
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2. Identify home wants versus needs.<\/strong><\/p>\n
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Realtors.org <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"