5 Tips for Buying a Home in a Competitive Market

The real estate market has become a seller’s game. Homes stay on the market for an average of just 34 days—that’s 13 days lower than in 2016—and, according to the National Association of Realtors, housing inventory is 6.6% lower than last year. So how can home buyers succeed in a competitive market?

  1. Couple with new homeDetermine your budget (and stick to it). It’s easy to be swayed by square footage, amenities, or location, but fudging the budget can get home buyers into some serious trouble. Tally up additional costs—such as utilities, insurance, and property taxes—and don’t budge from your bottom line.
  2. Identify the essentials. Many home amenities like hardwood flooring, granite countertops, and tech-friendly home systems can be added later. Focus on essentials like school district, acreage, and number of bedrooms.
  3. Don’t delay. In Atlanta’s competitive market, homes sell fast. Get prequalified for a loan and put in an offer as soon as you find a house that meets your needs.
  4. Make a competitive offer. The highest bidder doesn’t always win, but low-ball offers put off sellers. Show the seller you’re serious with an initial offer that’s towards the top of your budget. Make your bid more appealing with seller-friendly details like flexible moving dates.
  5. Work with a pro. Realtors have the inside scoop on neighborhoods, property values, and other factors that go into buying a home. Working with a pro will give you an edge in today’s competitive market. And real estate agent fees are typically covered by the seller, so you don’t need to worry about extra costs.

The Premier Group has years of experience matching buyers to their ideal homes in North Fulton, Cobb, and Cherokee Counties. If you’re ready to own a home, contact us today.