In our competitive real estate market some buyers accomplish all of their real estate goals, while others seem to continually miss out. Why is it that some buyers succeed and others do not? Below we share a few thoughts and observations on this topic.
Why some buyers succeed in Madison's tight real estate market
1) They have a clear picture. Some buyers have a very clear picture of what type of property they want to buy, when they want to buy, where they want to buy, and for what price. When it comes to features, they know their list of "must haves" and "nice to haves". They've done their homework, and they have a good understanding of the inventory in their preferred location and price range. Buyers with a clear picture have a great chance of succeeding in Madison's low inventory market.
2) They're prepared with a solid mortgage pre-approval. Sellers and listing agents evaluate who is financing the purchase, so being prepared with a pre-approval from a solid local lender is critical. Buyers with a pre-approval from a reputable local lender have the advantage over buyers who are pre-approved by an internet or out-of-state lender. Buyers who don't have any pre-approval at all are at a serious disadvantage.
3) They have positive expectations, persistence, and patience. Buying a home in this market can require a lot of work, so staying positive and staying committed are important. Buyers who stay positive and who work consistently toward their goal will make their move happen. Buyers who become easily frustrated are much less likely to stay focussed and reach their goal.
4) They hire a trusted agent. Buyers who hire a skilled and hard-working agent have the advantage over buyers who do not. A great buyer agent can make all the difference between success and failure in our tight real estate market.
How to find the right buyer agent
One great way to begin the process is to research online reviews. As you research reviews, we suggest focusing more on the written comments than on the numerical ratings. Some online reviews are contrived for marketing purposes, so look for reviews that include specific examples of extraordinary service and expressions of sincere gratitude. An agent who routinely receives authentic, glowing reviews from genuinely grateful clients is one worth calling.
We also recommend focusing more on the quality of the reviews rather than the quantity. Choose an agent with a proven track record, but don't over-emphasize quantity over quality. For example, we all know McDonald's sells the most hamburgers, but that doesn't mean their burgers are the best in town. Just like McDonald's, some real estate agents prioritize doing the most business over providing the best service.
Check out our agent reviews online
You can learn a lot more about our team's approach to buyer representation by researching our Google, Zillow and Better Business Bureau reviews. To learn more about our individual team members, check out our agent profile page on our website. You can also reach out to me and ask me for a referral to a specific agent. I'll be happy to connect you with an agent who is a good match for your unique needs.
This article is published courtesy of: Dan Miller, REALTOR Mad City Dream Homes & RE/MAX Preferred