Rewriting the Rules

For decades, it was assumed that the rules of homebuying stayed the same. You find a house you want and make an offer. Then you apply for a mortgage, work with a lender, get an inspection, close, and move. Easy, right? Well… not in 2022. The real estate market has gotten so hot that in order to be successful in your home buying endeavors, it’s time to throw out the old rule book. 

In the past, when you were house hunting you just went to open houses or requested showings. Now it’s recommended that you get pre-approved before starting. This gives you forward momentum during your search. Not only does getting pre-approved keep you on budget but it gives you the go-ahead to make an offer on your dream home the minute you see it. With some homes selling in mere hours, every second counts. 

In decades past, you set a budget cap and looked at houses at or very near that price. Today? Well, today buyers are finding that they need to shop houses thousands of dollars BELOW their budget. This is due to the fact that most homes that come on the market see multiple buyers and bidding wars that drive up the price. 

Similarly, we are now not lowballing sellers. Because there are generally multiple offers on today’s homes, lowballing will push you out of the game altogether. With homes selling so quickly, it’s best to approach the sellers with your best offer right out of the gate. There’s simply no time to mess around. 

In super hot markets, it’s so easy to become frustrated and want to throw in the towel. We don’t recommend doing that, either! It may take a lot of time and patience but with the right mindset, we can get you in your dream home in 2022.