Home Buyer Strategies To Win In A Competitive Marketplace

Homebuying_Portland_Maine_Tru Brit Realty_Keller Williams Realty

Portland, Me – As winter loses its grip and the green shoots of the spring real estate market begin to emerge it appears the landscape beneath the heavy blanket of snow may be a changed one. Real estate professionals both locally and nationally are echoing concerns about a lack of inventory which is supported by the commentary from the National Association of REALTORS® which cautioned following the publication of its latest sales report that: “Insufficient supply appears to be hampering prospective buyers in several areas of the country and is hiking prices.”

While the principle of supply and demand would seem to spell out some long awaited good news for home sellers talk of a complete turnaround in the housing market overall is muted. “The [housing] recovery appears slow due to a lack of inventory and a low participation rate among first-time buyers, but it’s still a competitive seller’s market,” according to David Yocum, a Redfin agent from Chicago. However, those who are shopping this spring should be well advised in their home buyer strategies in order to come out on top in the search for their dream home.

Here’s 5 tips for a successful outcome:

* Step Away from the Computer – While 90% of home buyers start their search online, buyers should consider getting out into their desired neighborhoods and canvass potential upcoming listings in order to “steal a march” on thier potential home buying competitors.

* Become An Expert in Your Market – Time is of the essence in a competitive market so getting “up to speed” with the nuances of the local housing market will provide for decision making that is both quick and informed. Obviously a competent real estate agent who knows the local market and understands the values is an invaluable ally to have on board.

* Grab Those Low Mortgage Rates – Before it’s too Late! Rates are still low but sure as night follows day they will go up – a combination of an increase in both the cost of borrowing and home prices, no matter how incremental, could push the affordability out of the reach of a significant number of house hunters.

* Create a Dynamic Team – The pace of a competitive housing market means buyers have to be in a position to act quickly in making an offer. In order to do so it’s crucial to have put together the right team to make it happen – a real estate professional and a lender being the leading players, among others. Assembling your team after the game has begun is not an approach likely to net a positive result.

* Be Prepared for a Battle – It’s unlikely if one home buyer recognises a good deal that it will go unnotice by others in the market – yes, you better be prepared for a bidding war! The insightful real estate agent will have consulted with their buyers ahead of time about what can be done to make an offer as “clean” and so attractive as possible to a seller. However, slimmed down terms and/or the elimination of contract clauses can carry additional risk which, again, the buyer will want to take expert consul on.

To learn more about the buying process, and the best strategy for securing the right property at the right price contact us today find out about our VIP Homebuyers Program.

Call 207-553-2662 or email trubritrealty@gmail.com to arrange for a no-obligation consultation.

To search all current Maine listings visit: www.RealEstateFORSALEinMe.com

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