How to Win the Listing in a Tight Market

If you’re looking for a home in today’s market, you may be having a tough time winning the listing. With a nationwide inventory shortage in effect, there’s a lot of competition for homes, often making the process for buyers stressful and frustrating.

Here are five tips from Zillow to help you secure the winning bid on a home:

1. Figure out the financing first. Before you get your heart set on a home, be sure to understand exactly what you can afford. Make use of online mortgage calculators and affordability tools so that you get a clear picture of what your budget can handle on a monthly basis as mortgage rates rise. Your offer will also be much stronger if you can get preapproved for a mortgage. In fact, a Zillow survey shows that 86% of sellers prefer a buyer who has been preapproved.

2. Work with a professional real estate agent. Working with an experienced, local agent is essential to navigating the pressures of today’s market. The right agent will be able to address your specific concerns and will know how to position you with the seller in a bidding war. Interview at least three agents and get referrals from friends and family. The right chemistry really matters.

3. Put tech to work. Be sure to take advantage of the many digital tools available to today’s homebuyers. Mobile apps allow you to search for homes, share them with loved ones and sign up for price-change alerts. Check out virtual tours and virtual open houses to help narrow your selection, and expedite the process with digital documents and signatures.

4. Make a strong offer. Not surprisingly, cash offers are the best way to win the bid on the home you’ve decided upon. If that’s not a possibility, consider making a larger down payment or offer more earnest money to get your offer to stand out. Talk to your real estate agent about the best strategy for making your offer more attractive than others.

5. Pave the way for a smooth closing. Once your offer has been accepted, set things in motion to make sure the closing goes smoothly. Talk to your agent about title and escrow companies and compare ratings, reviews and fees. Make sure all your paperwork is in order and be available to respond to any questions as they arise. This will help ensure that your closing is on time.
 

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