Attempting to purchase a home in today's real estate market is a source of frustration for a lot of prospective buyers. In most areas of the country, the inventory of homes for sale has become depleted, in part because of the continued availability of home mortgages with low interest rates.
When the residential real estate market becomes increasingly competitive, homebuyers often see properties go under contract before they have a chance to view them, sometimes within hours of being listed. Those who are able to make an offer may find themselves in a multiple offer situation with the winning bid exceeding the listed price. Fortunately, working with an experienced real estate professional can offer buyers increased options for finding and purchasing their next home.
Helpful advice on pre-buying preparations
One of the first ways in which an experienced Realtor can help buyers overcome the challenges of a competitive real estate market is to help prospective buyers make the right pre-purchase preparations. Realtors are able to help their prospective buyer clients with advice about available home loans and help them understand the qualifying process for each one.
Timely notification of new listings
Another important way in which working with a Realtor benefits prospective buyers in a tight real estate market is their ability to provide timely notification of new listings that could be a good fit. Realtors routinely help their clients use the latest technology to enable auto-notifications so that they have the most current information about available listings in the area where they wish to purchase.
Realtors can also provide their clients with access to online forms that can help speed the process of submitting an offer on a home to make them better able to compete with any other prospective buyers who may also be bidding on the home.
Providing information on additional sources
Another way in which experienced real estate professionals can assist buyers is by helping them locate other sources for potential properties to consider. These sources might include properties that are in pre-foreclosure and not yet available for sale and distressed properties with condition issues that may have prevented them from being sold in the past.
While homes in pre-foreclosure and distressed properties may take longer to purchase and require repairs or cosmetic updates, they are often able to be purchased at a deeply discounted price. If you or someone you know is interested in purchasing a home but discouraged by the current state of the real estate market, contacting a reputable real estate professional can be the best path to becoming a homeowner.