The pendulum has swung for Madison real estate. It's a seller's market this year. Many Madison listings are receiving multiple competing offers. Homes and condos are selling quickly. And they're selling for higher prices.
So what's a buyer to do? Below are ten tips to help you land your dream home in 2013.
Ten Home Buyer Tips
Don't rely on open houses as your method for finding a home. Buyers this year are learning many new Madison listings are selling within days of going on the market, even before the first open house!
Don't limit your search to distressed properties. The inventory of bank owned-properties and short sales is shrinking, and many other buyers and investors are already combing over these listings.
Don't assume the condo market is a buyer's market. Condo sales are surging this year, and in many developments the condos are selling quickly and for higher prices.
Obtain your loan pre-approval before you start looking at homes. Know up front how much home you can comfortably afford, and be prepared to submit your pre-approval letter when you submit your offer to purchase.
Hire a buyer agent. A savvy buyer agent will help ensure you don't miss out on the home that is the perfect fit for you. A buyer agent who is keyed in on your particular neighborhood can you help find homes for sale before they hit the larger market.
Schedule a sit-down consultation with your buyer agent and clearly lay out your criteria for your new home.
Be prepared to compete with other buyers. Discuss with your agent what strategies you can employ to ensure you are the one to land the home. Competing with other buyers is not all about price. A savvy agent will help you finesse your offer so it stands out above the competition.
Schedule showings that are highly-focused on your most important criteria. When you view your properties emphasize quality over quantity. Remember, you goal is to find the right home for you, before it gets taken by another buyer.
Have your agent send you immediate listing updates whenever a new listing matching your criteria hits the market, or when an existing listing matching your criteria undergoes a price change. Review your listing updates as soon as your receive them.
Take immediate action. When a promising new home hits the market, schedule your showing immediately. That means scheduling your showing for the same day the listing goes live on the MLS or the day after. When you've found the perfect home for you, work with your agent to submit your offer quickly. In this market every day, and sometimes even every hour, is crucial.
Do you need help buying a home in Madison, Wisconsin? Our agents have the experience and expertise to help you find and close on your 2013 dream home. Contact us for a no-nonsense consultation. We're here to help!
This article is published courtesy of: Dan Miller, REALTOR Mad City Dream Homes & RE/MAX Preferred